May
18
Foreclosure Bailout Debate
Filed Under Current Events | 2 Comments
There is a huge debate right now about what to do with the millions of people who are upside down in their houses that are facing foreclosure. The housing market has collapsed to a certain degree, and many people are now in a situation where they can no longer afford their houses. There are a variety of reasons for this, but the most common is the greed of the individual consumer which was fed by irresponsible lending on the part of banks.
Our current administration seems to be bent on the idea that we should save these people who are struggling. The people who borrowed more than they could afford are victims in the eyes of the democrats. Our president suggests that we all bail out these so called victims.
Well I’m not exactly a republican, but I just don’t agree with this “steal from the rich and give to the poor” mentality. I was good and even though I wanted to cash out on some of my home’s equity a few years back when everyone else was, I didn’t. So I am not upside down in my home or facing foreclosure because my payment never went up. And because I did the responsible thing, now I am expected to bail out the people who were irresponsible? What happened to personal responsibility?
