Part of the recent discussion concerning the mortgage industry has been related to the underlying dream most Americans have to be able to own their own home. The resulting problems with the real estate market happened in part because those with the dream, ended up in situations where they could not afford the monthly payments. At times this was due to a job loss, but many times it was unrealistic expectations on the part of uneducated buyers and mortgage lenders who had a very good idea that income wise what was stated to be possible as far as payments was not.
The discussion as to where the governments responsibility in all of this lies is an interesting one, how much personal responsibility comes into play is one that will continue to be raised as some of these companies turn to the government for a tax payer assisted bail out.
2 comments:
A tax payer assisted bailout is nothing more that creeping Socialism, disguised as governmental compassion, IMNHO.
I'd agree with you on that one, especially since some of the very tax payers that will be expected to fund the bail out are not doing great financially themselves.
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