Tuesday, September 23, 2008

The Democrats and the Mortgage Meltdown

Being in the financial sector myself, let me tell you all a truism. People with bad credit have bad credit for a reason; They don't pay their bills!! It is not rocket science to figure that out. There are many reasons why somebody can have bad credit. Be it job loss, medical issues, bad spending habits, or just not giving a crap about paying your debts. When the big bad bankers were forced to loosen their credit standards to facilitate Clinton's community Wet dream, what did people think would happen? Now, we all will have to pay for it. Actually not all of us, just those in the top 50% income bracket. That same group of people that not only pay for everything else in America, but also tend to have the best credit scores.


Anonymous said...

Zen, your post is on the money..no pun intended. I have a business. I have people who are habituals. More often than not it has nothing to do with losing a job or medical issues. It's usually trying to have the Mercedes life on a Honda pay. And they make no attempt to pay even a little. If this bailout includes homeowners there is no point in bailing out people who won't pay anyway. Alot of these people are upside down on the price of the home. They bought at the high point and the price drop erased any equity they have.

So many people received mortgages that weren't deserving either by their own credit or by lack of true equity in the home ie false appraisals.

Zen said...

Wait until you read today's posts. This bailout is a crock of shit.