That America is falling apart. This whole Mortgage Crisis is really turning out to be a continuing problem. Banks are still failing; 11 so far this year. It’s looking like Freddie Mac and Fannie Mae are going to take a lot of money from the Government to stay afloat. Believe me, I’m all for the Government saving people from losing their home, but someone, somewhere, needs to pay for this catastrophe.
If you are for the Government not doing anything with private matters, millions of Americans would probably be losing their homes. This is going to be a very expensive lesson, but hopefully lenders will learn a valuable lesson during the time. Those variable rate mortgages should be illegal. It’s bad enough when your credit card rate goes up, let alone a loan over 100,000 for 30 years.
We’ve yet to see the end of bank closure and the Mortgage Crisis for this year. With Freddie and Fannie in trouble, we’ve just hit the tip. If they can’t make it, we’re in for a world of hurt.
