Thursday, November 22, 2007
The nightmare involving mortgage delinquency, foreclosures, financial stocks decline, and homes that can’t be sold, is the result of actions taken by certain groups. This is not the first time the American society has experienced a severe economic disruption and I’m sure not the last. This could probably be tied to higher ups in government, but the bottom line is the mortgage lenders and the individuals that signed the dotted line for these loans are the most responsible. The mortgage lenders were making loans that should not have been approved under any circumstances. The individuals applying for those loans knew better and should have looked at a more realistic and affordable price for a home. The market was also loaded with those greedy individuals and groups thinking they could cheat the market. As far as using tax dollars to bail these people out, no way! They created their own mess and they should clean it up themselves!