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Wednesday, January 30, 2008

Sympathy Foreclosure

Michelle Malkin has crafted a stinging article regarding the subprime mortgage upheaval and subsequent rise in foreclosures. This pretty much covers the issue for me:
I certainly have sympathy for borrowers who may have been misled. But for every "predatory lender" out there, you can find a predatory borrower. For every fraud-minded loan officer or mortgage broker, you can find a homeowner who secured financing and bought a home he knew he couldn't afford with little money down and bogus or no income verification. Washington is silent about this reckless behavior, which it is encouraging both tacitly and explicitly.
My position is: screw you irresponsible people. You never had the financial means to buy a house in the first place, and you have no right to stay in that house now, as your financial position has deteriorated even further. Move out - you're now essentially a squater in someone else's property. Return to the apartment from whence you came, or clear out room in your parent's basement. You're not entitled to a home.

Why am I so hot about this issue? This letter to Malkin speaks for me:
"My husband and I patiently sat back and watched while our friends made a killing in real estate over the past six years. … Now, after several years, we are ready to move to the 'burbs, and we feel it is responsible people like us who are going to get hurt by this mortgage mess. We're the ones who have to sit back and wait for housing prices to fall, while our government, looking to protect only the homeowners, keeps prices artificially high with bailout programs and artificially low interest rates.

"What about programs to help out renters who didn't make any money in this bubble because we were responsible? What about government intervention to lower the still-high housing prices so we aren't locked out of the market? A natural correction in the housing market is in order, but the government seems hellbent to prevent it from taking place. In the meantime, we are priced out of the market because we aren't willing to get in over our heads financially (unlike some of these revered homeowners)."

Good, responsible people shouldn't have to shoulder the load for the foolish and irresponsible, but that seems to be the case in almost every facet of American life today. My reservoir of sympathy for the "unfortunate" has been bled dry by this gross inequity. When you make bad choices, you should face the consequences of your actions.


Blogger Force50 said...

I agree totally with Thrifty Scot. It seems that government often makes the bad choices for us because it can, not because it is right. The responsible citizen has no recourse. Mortgage bailouts; interest rates; immigration; lack of border control; prosecuting Ramos and Compean; making America safe for Mexican drug trafficers ...

1/30/2008 12:49 PM  

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