Reply #10: Opposing view... [View All]

[dasmd]

Here's where you lose my sympathy:

"All those hopeful, sweet young couples getting into those $600,000 bungalows in so-so neighborhoods in California will be the first to lose everything. It's just unbearably sad."

What on Earth possesses young couples to purchase a house costing over 0.5 MILLION dollars? Greed. Everyone was looking for a quick buck, lenders, realtors, and buyers included; nobody can claim ignorance here. People counted on prices continuing to rise, so they could flip the house and entertain their real estate tycoon fantasies. Whoops, music stopped, and they're left without a chair. What burns me, is that some of the legislation on the table (paging Senator Clinton) will effectively force banks to pass the cost onto to new borrowers, to try to float mortgages during the reset, that couples like this couldn't afford from the start. Looks like Obama's my man...

Isn't it more unfair that sweet young couples, who waited patiently and saved, who never owned a house, will have to put that off - possibly for years, to help irresponsible couples like the one you mentioned above make a few more payments before inevitably being foreclosed upon?

My humble opinion, the market's gotten way out of hand, and we can let it fall back to normality now and suffer a few bruises, or watch it come crashing down after the government is through trying to prop it up with a few popsicle sticks.

Regards,

DAS