So the combination of stupid people and greedy, unethical mortgage brokers may turn into Joe Taxpayer's problem. I know that the thought of people being thrown out into the streets with their children, old folks, puppies and (insert other cute and/or helpless creature here) plays heavily on the heart strings, but let's think about this for a minute. If we, the taxpayers are ultimately responsible for bailing out people who did something stupid, why did we not have a say to begin with? All of us knew years ago that this was going to blow up and people that either a) should not own a home because they're not capable of doing so financially or b) bought way too much home and can no longer afford the payment were going to get bit.
Also, it is highly unlikely that anyone will truly end up homeless here. Inconvenienced and having to downsize to something more realistic, yes. Homeless, no. I feel real bad that it came to this, but if you made a dumb decision, it's really your problem, not the taxpayer's problem. Foreclose on your house, file for bankruptcy and go live in an apartment until you get your financial life back together. Please do not look to us for handouts. It's also no coincidence that some of these well backed companies are closing their subprime units. They've simply washed their hands of all responsibility. They're off the hook for being societal turds. This is a black eye on capitalism.
I understand I'm not winning awards for compassion here, but the lack of responsibility by both parties is irksome and we could all see the train wreck coming from 100 miles away. Why are the people who have been screaming about this being handed the bag? Also, I'm quite certain our wonderful politicians will begin rounds of finger pointing and "I told you so's" if this thing escalates even more. I like to call them the hindsight committee.
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