Lately it seems that every time I watch a news program (which isn't all that often to be honest), someone is talking about how the Federal Government should be bailing people out on their mortgages due to the current state of the economy and the amount of foreclosures, etc., etc.
Nothing for nothing but I'm not real sympathetic here towards people who managed to get themselves into this sort of predicament to begin with. People don't want to buy nice little houses anymore, they want to buy these big huge honkin' houses with more space than they really need with mortgage payments that are big enough to choke a horse - heck, an entire team of horses it seems! Rather then thinking about what they can realistically afford, they sign on with mortgage lenders who convince them that they can afford something that they can't and, worse yet, they get a variable rate mortgage. Honestly, what are these people thinking?
I rather doubt that any variable rate mortgage has ever gone down so of course mortgage payments are going to escalate and before you know it, people can't afford to make their house payments and are sitting on the edge of foreclosure. Is this the government's fault? No, it isn't. Should the government bail people out? In my opinion, no - they shouldn't. People need to be more aware of what they are getting into when they take out a mortgage and ask themselves a lot of 'what if's' before signing any documents committing them to a mortgage for thirty years. A lot can change in thirty years - especially when it comes to the economy - and if you've bitten off more than you can chew right off the bat, how do you think you're going to be able to handle it as time goes on?
Obviously I'm not a homeowner and unfortunately I don't think I ever will be because I know I can't afford to own a home. Sure, I'd love to own a nice house with more room and closets and all that good stuff but realistically I know I can't afford it and I'm not going to commit to something and then expect other people to bail me out if I put myself into that sort of position. Where do these people think the Federal Government is going to get this money to bail them out? You can't just fire up the printing press and produce more money without something to back it up so instead our taxes will go up and we'll be the ones bailing out other people.
Nothing for nothing but somehow that doesn't seem right. At least not to me.