U
UAL_TECH
Guest
Why would that be? All my life I have "played by the rules"...I live a solidly middle class lifestyle in a nice house that I am paying for and pay off my credit card debt in full. Meanwhile, mortgage brokers are creatively lending money to everybody and their dog...credit card companies send me at least 3 offers per week in the mail (how many Capital One offers do YOU get?) the execs of these companies make handsome paychecks and bonuses. Then when it all falls apart - there is a move to "bail out" two groups - the scum that made the loans and the people who bit off more than they could chew financially. There isn't any relief to any of us who opted for a higher fixed rate 30 year mortgage over a teaser 5 year ARM which lured them into buying way more than they could afford. So...my tax dollars (China's loan proceeds) are used to keep the banking execs from having to "downsize" in any way and plans to provide those who "overbought" on an ARM a way to keep their house and have their rate fixed at a rate that is still LOWER than the one I have on my home.
You, I, and a lot of us 'reasonable' folks are going to pay the piper (pole smoker?) on this one.
IMHO, ain't chit we can do about it.
Best to you and Yours
B) xUT