Published: July 30, 2008
WASHINGTON: President Bush signed into law on Wednesday a huge package of housing legislation that included broad authority for the Treasury Department to safeguard the nation's two largest mortgage finance companies and a plan to help hundreds of thousands of troubled borrowers avoid losing their homes.
===============================================
Where will the money come from? China?
This is undoubtedly necessary, but is has the smell of fools bailing out the foolish. I sure hope some lessons have been learned here, and the real estate and mortgage industries go back to safe and conservative practices, and not expect taxpayers cover their greed and stupidity.
When my wife and I bought our house in 1971, we had to scratch and save to make the 20% down. It even required a small second mortgage to close the deal, plus a little more borrowed from the family. There were no go-go mortgage deals then, and we didn't buy more than we needed, or spend more than we could afford.
I know, I know, it sounds downright unAmerican!!
No comments:
Post a Comment