Why does America need a “mortgage czar”?

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Congress calls for “mortgage czar” By Alister Bull and Mike Peacock Wed Oct 3, 4:38 PM ET

WASHINGTON/LONDON (Reuters) – Lawmakers called on Wednesday for a ‘mortgage czar’ to help cope with an expected wave of foreclosures from the U.S. housing slump but Alan Greenspan said the credit crunch was past the worst.

The last thing America needs is Congress getting involved in the housing market. The majority of the problem was created by lenders who knowingly allowed people with less than good credit or people who would not ever be able to qualify for a loan obtain one or purchase a home under an Adjustable Rate Mortgage. The people who are advocating this are now asking the American taxpayers to fund and bail out millions of people who were financially unstable and unqualified in the first place. I am not against Americans owning a home. But I am completely against funding a Federal agency to pay for millions of people who did not meet the qualifications.

3 Comments
  1. Reply
    Jennifer S
    April 29, 2011 at 11:14 pm

    now we’ll be just like Russia — freakin’ commies

  2. Reply
    justgetitright
    April 29, 2011 at 11:59 pm

    I’m with you, mortgage companies took advantage of people that wanted to buy a home but those people knew that in 5 years their interest rates were going to go up, they were betting on getting their homes sold and then being able to purchase something they could afford by using their new equity. The slow down caused them major problems.

    Whose fault is it, well it is a combination of lender and borrower but I don’t feel that it is my responsibility to bail either one of them out. Mortgage companies made the loans to make a profit, borrowers wanted a home that they otherwise could not afford.

    I say, they both pay for their mistakes, the government has never bailed me out when I have had problems.

  3. Reply
    Collins T
    April 30, 2011 at 12:27 am

    Hello

    My name are mr steve collins a private loan lender who offer loan to those on bad credit and companies with a very low interest rate and without collateral any interested one should contact us via email stevecollins346@yahoo.com

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