Why should taxpayers be responsible for bailing out all of these sub-prime mortgage loans?
The housing boom and bust wouldn’t happen if it wasn’t for irresponsible lending and borrowing practices.
Too many lenders “fudged” the books.They made lots of money brokering mortgages to people that would’ve never qualified for traditional home loans.But since there was suddenly three times as many families who “qualified” for home loans the supply of homes didn’t meet demand.SO what happens? The law of supply and demand takes over , and home prices go through the roof! But the lenders kept lending to more people for homes they don’t reasonably qualify for at higher prices.Meanwhile…people who’ve been saving for years to buy a home (the right way!) suddenly see housing prices rise beyond their budget.
Now all the people who’ve been riding the gravy train want to cry about the mess they’re in! People like me (who’ve been saving responsibly , and stayed away from this questionable market) are now left wondering about our future , and why we
are supossed to bail these folks out!
Hey Financier…or whatever your name is.
I never said that ANYONE was ever bailed out from this mess , nor did I make any claims that any tax dollars have yet been spent on this.
My question to the Yahoo Answers forum was “Why should taxpayers be responsible for bailing out all of these sub-prime mortgage loans?”
You’ve no doubt heard (if you’re in the industry , as you claim) that the government was THINKING about doing this.
My question was “Why?!”
Why should anyone but the irresponsible lenders and borrowers be responsible for this mess?
Maybe YOU should read a little more carefully before you give half-@ssed answers to legitmate questions!