Jeremy Stein - Journal
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Subprime Bailout
After all the talk from my fair senators on assisting troubled subprime mortgage-holders, I was delighted to read Patrick Killelea‘s diatribe: Stop the Subprime Bailout.
Politicians will exploit your emotions by saying they want to help people “keep their homes”. But remember that the people in financial trouble already had houses. They got into this mess by trying to buy bigger and fancier houses than they could afford. If we do help them, it should involve them moving back into houses they can afford.
One Comment
- CJ replied:
I am working my way back through some of your older entries that I missed for whatever reason. That explains the late comment.
Around here (DC) the papers portray the people who are losing their homes to foreclosures as those who did not previously own a house but jumped on the easy credit bandwagon. I haven’t seen any hard numbers either way. A few months ago I checked out one of those sites that deals with foreclosures and the majority of the houses in our area were in the first-time buyer price range rather than mini-mansions.
December 17th, 2007 at 7:26 pm. Permalink.
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