LAST EDITED ON Jan-24-09 AT 11:12AM (MST)[p]It sucks, I find it hard to believe that for people who spent beyond their means, the government is bailing them out. I have worked my fingers to the bone, sometimes three and four jobs at once to pay my way. I have a very tiny 70 year old house that I can afford the payments on. I could have went 3, 4, or even 5 times the value of my current house and the bank would have given it to me, (not because of Barny Frank either you knothead, but because of the out of control banking mortgage industry taking advantage of the system), but i'd never have been able to make the payments. Why do you think your mortgage was bundled and sold within weeks of it being made, and after that it was sold again. It was banks and mortgage companies getting rid of the bad value to be paid NOW and the escape the risk. . . they were making money on making more and more loans, rather then holding them . . .
I have little sympathy for people who over purchased mortgages. Sure some were suckered, but to blame Barny Frank for it all is to completely ignore what really happened.
Job loss is always an issue under any economy . . . I just cant figure out why i'm being told to help pay for people's over spending and out of control appetites just so they could keep up with the jones. I'v scrimped all my life and only buy what I can afford. now my money is being used to help those who can not manage their own money. . . just great, thanks Bush. . .
I'll bet most of them have a bunch of huge credit debt, a quad or three, a boat, and snow machine and a big screen TV too . . .