[StBernard] Is it Dems or GOPs?

Westley Annis Westley at da-parish.com
Tue Sep 23 22:51:05 EDT 2008

Everyone was greedy. People took out loans they couldn't afford for homes
that were above their means. Interest only loans, ARM loans that the
borrower knew the rates would increase later. They didn't think ahead, or
didn't care. The rules for gaining a home loan were relaxed and made too
easy by those in charge in the Clinton administration to advance the goal
that everyone should be able to own a home. The companies making these
loans then sold them to unsuspecting legitimate institutions. It would be
ideal if everyone could be a home owner, but some people really can't afford
it and are also not responsible enough to own a home. I saw a television
show on these repo. homes and most of the ones I saw were trashed and
stripped bare of everything before the bank took control of the property
again. These houses were trashed and worthless and the banks could never
get their money out of these houses. Banks and mortgage companies are not
in the business to cheat homeowners and take back their house to be real
estate sales businesses. They really don't want your house. They are in
the investment business and they want the mortgage paid, not to take your
house. That is the last recourse. If this bailout goes through, which I
hope it does not, I do not think the CEOs of these failed companies should
get paid all these large sumes of money, rather they should be prosecuted.


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