Thursday, December 06, 2007

Housing Rescue Plan

Color me a free market zealot, but I don't want a Housing Rescue Plan. Some malicious lenders made bad loans and there are consequences. While I feel badly for the people involved and think that the whole process is excruciating and requires a PhD in law and real estate to understand, I think the best bet for the future is to make the laws better for future home buyers.

Like the IRS, it should be simpler and more straight-forward to get a home loan. But when there's money involved, straight forward seems to go out the window.

P.S. Isn't Congress supposed to come up with laws? Where are the Democrat's big ideas?

4 comments:

Holly said...

amen - why is it that if you make a stupid decision, i.e. take out a "risky, immediate gratification low rate, pay the price later mortgage" - you get "bailed out"? Rather than being a smart informed citizen who took out a low risk 30 yr fixed mortgage with maybe a tiny bit higher interest rate - where's our bailout?!?!?!

Anonymous said...

I don't know that a government bail-out is the answer, but looking at the big picture, having a bunch of foreclosed homes that no one can afford to buy sitting empty is not good for homeowners, banks, the government, etc. I hope this situation will cause lasting changes to be made. Of course there will always be those who 'work the system' in one way or another.
hkh

Amaroq said...

I also agree that a gvmt bailout is an answer, all this does is let everyone know that if it goes bad the gvmt will bail you out. It is very unfortunate that a lot of Americans have made a bad choice in financing their dream home but there eyes were larger than their wallets and now their families are going to suffer. I believe gvmt needs to worry about gvmt and not about what sports and steroids are doing or anything else for that matter and work on the issues of foreign and national affairs.
Another note. Stop giving themselves pay raises!

sandy said...

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