The mortgage crisis came about because loans were given to minority groups which had no chance of ever being able to pay back the loans.
Why were these loans given out in the first place?
I am against the Wall Street Bail Out and only wish John McCain had voted against it. Sure something had to be done but not this COP OUT which has been given to the greedy CEO's of various banks and finance companies. I believe it was Paulson hysteria that led to much of the rail roading going on in pushing forward this fool hardy scheme where it seems the innocent TAX payer has to bail out the Rich underworked and overpaid CEO's.
It's YOUR money but it is their Crime!
The people who took out these loans when they must have known they could not afford it also need to bear the responsibility of their foolish actions. Why should responsible working Americans have to PAY for the wishful thinking, 'finger crossing' families who behaved irresponsibly.
I wouldn't have the audacity to go to the American people and say 'hey I took out this mortgage when I knew I couldn't pay but now I expect YOU to bail me out, because I deserve it.'
We live in a society that wont wait. A few decades ago only retiree's owned their own homes while newly married couples saved to put large deposits down on their houses. You did not actually OWN your home till you retired.
Now young newly weds want to OWN their own homes with NO deposit in what is once again a 'cross your fingers' let's hope it works out type of family budget which is NO budget at all.
Banks need to be banks and not open handed lollie shops! Banks should never lend money to people who are high risk and who they know cannot afford to pay their mortgage.
At times a little bit of finger pointing is a good thing. This crisis began with Fannie Mae and Freddie Mac which then had a domino affect on other financial institutes. And blame goes across the table from Carter to Clinton from Bush to the Democrats(Franks-Dodd etc).
Will this Bail Out change the way American's run their banking system, will it fix what is obviously broken? Or is it instead 'putting a finger in a leaky boat in the hope you don't sink?' Will the CEO's need another 4 day junkett if they get 'stressed' again? Heaven forbid that these irresponsbile financial institutes be held accountable for their lousy judgements while they lined their own pockets!
As the world heads towards a recession I have to ask...
What happened to personal responsiblity & accountability?
Written by Marie