I hate this idea. Hate, hate, hate it. First, what the hell happened to free enterprise? These mortgage companies got greedy and decided to lend money to people that they knew or should have known couldn't afford it. If Bubba and Mary Lou want to move on up from their double wide to a $500,000 house 'cause you said they could get a loan, guess who is to blame when Bubba and Mary Lou default? Yours and Bubba and Mary Lou. We should not be bailing out companies who made bad business decisions. If they fail, they fail.
Second, I'm not buying the, "I didn't know what ARM meant," or whatever. That's a load of crap and I should know because the first mortgage we had on that house (before we refinanced) was an ARM and there is an ARM Rider that goes along with the Note. It specifically states that at the end of two years, your payments may go up. It doesn't get any clearer than that. I've read some articles where the borrowers admitted to not reading the paperwork. Now who the hell's fault is that?
So because of greedy lenders and dumbass borrowers, the gov'ment expects us to pony up billions of dollars. Screw them. The only reason my loan defaulted is because I married an idiot who quit his job to be Sam from Cheers. If you're not smart enough to read the paperwork, you aren't smart enough to buy a house. If you're so damn greedy that you lend to whatever walks in the door, you deserve to close your doors.
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You forgot the main players in the Freddy and Fanny scam.
Jimmy Carter and Bill Clinton had their 'expand the loan pool to the disadvantaged' schitck...and the Dems juped right on board.
They're the ones that basically mandated the banks loan to idiots based on ,,,,ummmmm....votability?
Neither party has clean hands, but the Dems have a decided advantege in the graft department.
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