Nov 14 2008
This Guy Gets It!
I love this guy’s post…he gets what I have been talking about:
entitlement
From CNN today:
Addressing the 9,000 daily foreclosure filings
Senators also heard from consumer advocates who said that banks’ foreclosure mitigation efforts haven’t done enough. Dodd noted that 9,000 homes a day are still going into foreclosure.
“Voluntary efforts haven’t worked,” said Nancy Zirkin, public policy director, Leadership Conference on Civil Rights.
I must have missed it. When did Home ownership become a right? When did it become a civil right?
It’a a privelege, not a right.
First of all, if the loan processors, mortgage companies, banks committed a crime, jail or fine them.
But to rescue people who signed the papers to own a home, to get a loan, based on some hazy hope in the future that they could eventually afford it - smacks of enabling stupidity. If our elected officials want to perpetuate the whiney victim mentality ad infinitum, then yes: bail them out.
We are fast becoming - if we have not already become - a nation of victims.
Civil Rights my tuchus. It’s blatant stupidity. Stupidity is not a property of color, religion, or class.
Want to solve the problem? Let the banks foreclose, Give reasonable loan terms to the buyer of the foreclosed properties, and make a LOT more section 8 housing available. It will cost a heckuva lot less than buying the risky mortgages or forcing mortgage companies to support bad loans.
Originally posted at: http://ratpackdude.livejournal.com/4016.html
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