April 9, 2007
TERRY SAVAGE savage@suntimes.com
It's the loans that are subprime -- not the borrowers! Let's stop blaming the people who took the bait (and switch), and thought they'd landed their piece of the American Dream. Home ownership has been a goal of most Americans, or those who landed on our shores as immigrants.
The offer to make that dream affordable was irresistible.
Essentially, that's what happened to millions of families who make up a significant portion of the $1.3 billion subprime mortgages outstanding today.
...
Who's to blame?
Sure, some of those loans were taken out by scam artists who had no intention of owning the homes for long. Others figured on "flipping" the property at a higher price to the next dreamer.
But when the dust settles and all the blame is cast, it's very likely that the real losers will be the families who were attracted by ads run in newspapers and on local radio by mortgage brokers who promised low monthly payments, no money down and a chance to buy the dream house financed only by dreams.
Ms. Savage carries on about the poor victims. But The REAL Losers are the smart people. The savers. The sold-at-the-top-crowd. The couples that saw the outrageous prices and knew that the limit was the sky, not that the sky was the limit, and choose to sit on the sidelines. The Real Losers are the people that actually budget their income.
If The Real Losers now have to use their own tax money to bail out the greedy, the dumb, the lairs, and the gamblers, then there is no justice.
Shame on all of us!
1 comment:
all the kings horses and all the kings men will not be enough to save the ignorant masses from their own greed and stupidity.
the fiscally sound will, in the end, triumph while the corrupt and thoughtless will be enslaved by their debt.
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