So I read that the nation's banks have now provided about 140,000 homeowners with over ten billion dollars worth of "relief," i.e. forgiving first or second mortgage debt, with another 15 billion to come. So that's a present of about US$75,000 per borrower. Andy why? Just because they bought something when the market was high, and then the market went down.
Soooo... the folks who were stupid and greedy enough to load themselves up with debt in expectation of making a killing now get "relief"? Totally wrong in my opinion. And yes, I've heard the stories about the evil banks and evil mortgage brokers who seduced poor, innocent people into assuming too much debt. I could halfway understand the reasoning for giving free handouts to those who borrowed too much if interest rates suddenly had skyrocketed, but they haven't. They are at historically low levels.
Go figure.
Soooo... the folks who were stupid and greedy enough to load themselves up with debt in expectation of making a killing now get "relief"? Totally wrong in my opinion. And yes, I've heard the stories about the evil banks and evil mortgage brokers who seduced poor, innocent people into assuming too much debt. I could halfway understand the reasoning for giving free handouts to those who borrowed too much if interest rates suddenly had skyrocketed, but they haven't. They are at historically low levels.
Go figure.
