Thursday, June 19, 2008

Congress and Mortgage Fraud

People pointed fingers at the White House for this mess, but in reality, it was mortgage brokers playing fast and loose with the facts. They didn't ask for income, they inflated evaluations, they flipped properties to make profits. You saw the infomercials on TV. You saw the stories about folks who bought homes in Florida for $45,000 and sold them for five times that. The bubble had to burst sometime. And the people who bought into it were left holding the bag. If I see one more story about people making less than my family does crying crocodile tears about how they can't pay for their $$300K mortgage, I will go nuts. And what is worse, Congress wants to make this into a situation where there were all these "victims". There may be some stooges out there who bought homes without reading the contract, but at that point, aren't we supposed to be ADULTS? Congress wants the rest of us to pay for the overreaching greed of a few of us. Isn't it about time that grown-ups take care of their own business?
Story here.

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