Guess Who Wants To Bail Out Lenders??

Charles Schumer, a Democrat, no surprise there, wants to help bail out lenders who loaned people money who didn't have the means to repay the loan. Mr. Schumer has said that lenders should pay for part of the bill that would arise from restructuring loans and other such nonsense.

Bullshit.

The government shouldn't do a damned thing for these people. Either side. They knew they were loaning money with questionable means to repay the loan. The borrower knew they couldn't afford the house they were moving into, so let them sleep in the bed they made.

Consumer advocate groups say those loans, with steeply rising payments, were pushed on borrowers who didn't understand the terms. Advocates say a government bailout, even a large one, is appropriate because regulators didn't do enough to stop predatory lending, and because of the high cost of foreclosures.

"The cost of not doing anything would be devastating to many communities around the country," says Lisa Rise, a vice president at the nonprofit National Fair Housing Alliance.

Really? Unless the person who took out the loan was mentally incompetent, there's no need to have a bailout. They should have read the terms of the deal, or if they didn't understand it, take it to an attorney or a HUD representative. Sure, the cost of doing nothing might be devastating, but do you think it's fair that people who got in over their heads get to live in nicer homes who "didn't understand the terms" rather than those who were fiscally responsible and moved into a smaller home or moved further away from the city?


If you move into a nice home and can afford it, great. If you can't afford it, sell it and move. Those are you options.

Travis
travis@rightwinglunatic.com