The Housing Bailout Bunch
I am now going to start keeping track of notable people favoring some sort of massive, taxpayer-financed government bailout of the American homeowner. If I have missed anyone, please let me know: Rep. Barney Frank; Sen. Christopher Dodd; Sen. Hillary Clinton; Sen. Barack Obama; Sen John McCain; House Speaker Nancy Pelosi; FDIC Chairman Sheila Bair; former Federal Reserve Vice Chairman Alan Blinder; Simon Johnson, research director of the International Monetary Fund; Japanese Finance Minister Fukushiro Nukaga...with more to come, I am sure.
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Housing Bailout
I really dont like the idea that our tax dollars are going to go to someone who could not afford to purchase a house. What ever happened to the tight reins that banks used to have, that you could spend no more than 1/3 of your family income on housing? I cant buy a house right now due to not having enough money to afford it, so why cant others have the same mind set?
The housing crunch is everyone's fault, first the banks for giving easy credit to those who could not afford a house in the first place, and second to the existing home owner who is trying to keep his house from going into forclosure. If the government is going to do something, they need to ensure that for a person to get a home loan they have to be able to show proof that only 1/3 to 1/2 of their family income can afford the home. The government should not waste tax payers dollars for something that will only work in a short period of time. Its like putting a band-aid on an already infected wound.
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