Democrats are proposing a housing bailout of an additional $200 million for borrowers who got in over their head: Dems call for czar and aid for housing
The question is 'Why?' Why should you and I, and all Americans, pay one dime to bail out irresponsible investors who took out loans on homes they can't afford? My wife and I have ridden out the housing boom and bust in California, waiting for a time when we could afford to buy, now our patience is about to pay off. The boom was unsustainable, fueled by speculators and those willing to sell their souls on an investment scheme pushed by slimy morgage industry types. Housing prices are going to fall to more traditional, affordable levels.
People are facing the reality that that they can't pay the morgage becuase they bought a home they couldn't afford. It's called a market correction. Do we bail out investors who buy overvalued stock? No. Nor should we. Market conditions created an artifically inflated housing market and now the market is self correcting. People who made bad investment decisions should have to pay the price.
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My wife and I share the dream of most Americans to own our own home. We believe you achieve the Dream through hard work, prudent investing and personal responsibility. I'm not happy that so many people are going through hard times, but I don't think that I should have to bear the burden of their mistakes.
I urge you to tell your elected representatives to let the housing crisis work itself out without their interference and to support Americans who make fiscally responsible decisions. Paying to keep people in homes they never should have bought and can't afford isn't a solution.