The one factor that nobody talk about is the rent gouging that goes on in ghettos so that mortgage payments are no higher than rents. With low down payments people can buy a house and have the same monthly payments. The only difference is now a bank disposesses the tenants instead of the landlord<quoted text>
how can you blame the government for people borrowing well over thier heads. when I signed my mortgage papers I looked in the future to make sure i can afford the payments down the line not just NOW. It is not Washingtons fault alone. Yes they should have had regulations to prevent this from ever getting to this point. as interest rates went down home prices went up, and now when the ARM matures people cant afford it. thats Washington's fault, I THINK NOT. and by no means am I defending them. they did nothing to prevent the problem and neither did anyone else.
I'm disappointed that Obama is for the bailout. It's being rushed through and nobody knows what it's all about. I'm sure the bankers will find loopholes to make it nothing more than a gift.