Quote:
Originally Posted by Duke41
The kicker is, I hope your are sitting down. She is getting food stamps now and will be moving into free housing paid for by our tax dollars. Yes the American way. I am so glad the government is around to protect us.
|
So you'd rather her three kids go hungry and homeless?
I read a story in the WSJ last year about a family in California who had a household income of around 90K, and was given a 580,000 interest only ARM. The monthly payment (of just interest mind your) was around $3500. They limped along until the rate adjusted and the market sank. Then they were unable to make payments on a house that was really under water.
Is there an element of personal responsibility here? Absolutely, but no responsbile lender would have ever given them that loan. Even the best intentioned people can make mistakes, and the Government should be there to help ensure industry doesn't take advantage. Am I assuming money corrupts? Yes, it does...
-spence
Hybrid Mode
