The Housing Crisis and Bailouts.



The housing crisis and other parts of this huge financial crisis really makes me furious. Sure, there was some financial dishonesty by lenders, but there was also lots of outrageous freewheeling by individuals and families and I am having to help pay for their freewheeling. For years I have watched thousands of people pretend they were the nouveau riche when they were simply hoping their newest charge card would get them through the week. I personally resent their putting me and the country in the position of having to bail them out. Many are screaming that they were taken advantage of, and some were, but it is a personal responsibility to read the closing statement and understand it. If the buyer isn’t able to understand it, the attorney or real estate agent will help them understand it. If they then, are incapable, perhaps they shouldn’t be buying a home anyway and how were they able to earn the down payment if they are that incapable. There is a lot of scamming going on here to avoid taking responsibility for one’s actions.

When I bought my first home many years ago, we were scrutinized for weeks. The lender asked questions and ‘verfied’ the answers and if we had not qualified, we wouldn’t have gotten the house. We had to prove stability. Now, I am very aware that many people were laid off and my heart goes out to them. I am simply talking here about people who knowingly went into homes that were more than they could afford and they kept looking until they found someone to approve an unaffordable loan. I am also talking about people who bought above their ability to pay and had twenty-five credit cards in addition to that. First, where was their brain and second where was the lender’s brain. Now, me and the whole country are having to suck it in and pay for their stupidity while they play the victim. Yes, there are victims out there and there are also those who were playing the game and expecting the rest of us to pay. Those are the ones that I want stopped from ever buying a house again on my tab. No more funny money and games at the taxpayer expense! To own a home, you earn it ‘the old fashioned way’.

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~ by citizenjournalistreview on February 18, 2009.