So, according to our friends at CNN, more than 70% of subprime borrowers are not getting the "help" they need. I'm trying REALLY hard to care. Really.
This bailout thing has me pretty steamed. So we, as taxpayers, get to foot not only the bill for the crooked corporations that designed these little money mill loans destined for failure by milking people who they knew were a poor financial risk, we also get to "help" the poor, hapless borrower who knowingly accepted the terms of a crazy, too good to be true loan they knew they couldn't afford in the first place.
What puts the icing on the cake for me is that the bulk of the nation - those of us who are responsible people who work every day and pay our bills on time, and live reasonable lives within our means - we're the ones who pay AND get nothing in return. Many of these loans will go into default, then the owners will declare bankruptcy and dance away from their financial responsibilities. What is the repercussion for their poor behavior? Pretty much nothing. They get a "do-over", and, with good behavior, in a few years they will have the same, clean credit report (possibly better) that the people who end up paying for their mess. It's grasshopper/ant in real life, only the humorous "reverse" story so popular in e-mail chains...
Yes, I know, declaring bankruptcy can be painful - but it SHOULD be painful. Most stupidity should be.
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