2007-11-21 02:53:53 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
So, you want to legislate common sense now?
Nobody held a gun to anybody's head to sign the papers. Alot of people lied about their income on the applications.
How about instead of asking government to save us from our own stupidity we take the time to understand what we are getting ourselves in for?
2007-11-21 03:02:20 · answer #1 · answered by lunatic 7 · 3⤊ 0⤋
If the mortgage sharks don't make piles of money off stupid, greedy people, how are the members of Congress going to get their collective palms greased? How will they get their payoffs? This is America, wake up to a few unpleasant realities.
2007-11-21 11:41:35 · answer #2 · answered by accupraise 1 · 0⤊ 0⤋
Because this is the United States, and we believe in open markets and personal responsibility.
The only mistake Congress has made is acting to help stop foreclosures. The market works. Lenders made bad calls. Borrowers got way too greedy. Foreclosure punishes them all and corrects future behavior. Unfortunately, the rest of us suffer right along with them (price instability, credit tightening, etc.).
Reinforcing idiotic behavior or even just cushioning the blow artificially decreases the risks of bubble behavior which just makes another irrational bubble more likely.
2007-11-21 11:11:57 · answer #3 · answered by Fascist Pork 2 · 1⤊ 0⤋
Why should they enact more "nanny" laws?
Most of the problem came from people wanting to have more house than they could afford or not reading the fine print and being astounded when the teaser rate period was over and they had to pay the piper.
2007-11-21 10:57:16 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Damn good question, they're stupid.
2007-11-21 10:59:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋