Thursday, December 6, 2007

Maybe I'm an old codger, but ...

The Class of '67 probably isn't the target demographic of the proposed bailout of those folks who got into trouble with gimmick mortgages the last few years.

Most of us who own homes are probably well along into our mortgages -- if we haven't already paid them off -- and most of us probably didn't get interest-only or teaser-rate mortgages.

Most of you probably don't live in parts of the country where 1,400 square-foot homes in nice neighborhoods reached $1 million in value at the peak of the boom.

But I would imagine that most of you grew up dreaming of someday owning your own home -- picket fence, 2.3 kids and a dog named Scooter along with it.

This bailout -- helping folks stay in their homes but keeping prices high -- is kind of controversial.

I'd love to know what you think about it.


Gail Schultz MacLeod said...

What did they think was going to happen when their variable rate changed after a few years?

In 1980 we got caught in a financial bind. Had some investment property we had to give back because the economy went bad. No one bailed us out. We learned from the experience and became more prudent.

In cases of fraud, bail them out and hold the fraudulent corporation responsible. In the case of stupidity, they should take the hit. No bail out.


Dale Morgan said...

I have to say I'm with Gail on that one. Do I feel sorry for these people?...yes. But...hello??? don't get something for nothing. I have also taken some fairly severe beatings over the years and the only person I wanted to kick was ME!