Friday, May 09, 2008

No to sub prime bailout

Although I am in the real estate business and the sub prime loans and foreclosures are harming my industry I do not believe the federal government should get involved with either bailing out the lenders or the borrowers. It is just the wrong way to attach the problem. Let me just say that I would not have a problem with the federal government using their bully pulpit to encourage the lenders to perhaps freeze their rate increases, no one forced the lenders to loan money to those that they knew could not afford to make the payments when the rate increases kicked in. The borrowers must own up also. Not the taxpayers fault that you made a bad decision and taxes should not be used to help correct the problem. The market will take care of itself.
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