Please Explain This To Me……?

Deal Score0

McCain’s American Home ownership Resurgence Plan wants the government to buy up bad mortgages to cut homeowners’ monthly payments. Now if I were a homeowner who actually took an interest only loan, with full knowledge that “but for” creative financing I could not afford to live in a home well above my salary pay range I would probably like that deal. Fortunately, I am not. I am one of those Americans that worked hard to get my credit score high by paying my debt on time. When we looked to buy a home, I saw many I wanted to buy well above my pay range, but bought one I could afford with a 30 year fixed rate. My husband and I do without a lot of wants to take care of basic needs even with all our careful financial planning. We would not benefit from this plan in the least. What has happened to people taking personal responsibility? Why has the media only touted how lenders unscrupulously granted loans to people who they knew could not afford certain homes. What about homeowners? Who took these loans based on FUTURE salary. What about, homeowners who bought homes using creative loans and then took out a second to purchase new cars, new furniture etc.etc. When the real loan became due they had no way to pay. I don’t mean to sound mean or callous but when is personal responsibility going to come to the forefront? I am sad about what is happening in our country, I feel indebted to this country, but I do not feel entitled to have more just because I am a American. I feel if you didn’t earn it, you don’t deserve it. Am I wrong? If so please explain. Thanks

  1. Reply
    May 18, 2011 at 11:47 am

    I agree 100%, people need to be responsible for their bad financial decisions and stop looking for the government to bail them out when they fail. This holds especially true for wall street, these people know the risk of leveraging, short selling, and so forth, they should be left to twist in the wind. I firmly believe that this recession will last for many years because it’s global now, regardless of who gets elected in November. For those that truly need assistance I feel it should be there, and I know it will.

    Sadly for those of us who have AAA credit and pay our debts on time, our real estate is depreciating and that concerns me, because that’s out of my control. All we can do is be patient and keep doing what we’ve always done, be consistent.

  2. Reply
    May 18, 2011 at 12:33 pm

    The arument is the same for the banks.
    If we want to be jerks, we can say ‘hey, you signed the bad deal, you’re stuck with it’, but we will continue to have increasing foreclosures and dropping real estate prices, causing more foreclosures…
    Or, we can say, look, we can refinance you from that terrible mortgage into a better fixed rate mortgage at the current value of the home, help people stay in thier homes, and stabilize housing prices, so more people don’t lose thier homes. And what is the harm? Oh, yeah, some people might feel slighted that they didn’t get ‘help’, only those ‘other’ people, as if somehow ‘other’ people getting help is against our morals now…sheesh.

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