I rarely write about subjects that are outside the realm of the computer field, but I thought the current US mortgage lending climate deserved some air time. Should American tax dollars be used to fix the mess the in the US mortgage industry?
How the heck did it get to be the mess it is right now? Did the people of the US buy homes well above their means? Were the prices of the homes inflated? Did the lenders allow this to take place knowing full well the bubble would burst? So what, they got their commission.
Where is the accountability for all of this?
It’s really very simple. The US voting populace can be approximately divided into thirds:
The third that comes out ahead thanks to government programs
The third that feels sorry for the first third because they have a sob story
The third that thinks the first two thirds are wasting a lot of money
With only one third opposed to government programs it’s no wonder this list is ever growing.
Mean while, the "investors" are swooping in and snatching foreclosures at bottom dollar.
Buy low, sell high.