Should Taxpayers Bail Out Homeowners?

Innman Real Estate News asked this question today. The answer was, yes for some.

The conclusions were that a bailout was in order for those who were defrauded, but not for those who were foolish or careless.

Unfortunately, many of the foolish and careless are also part of the economy. Letting them fall by the wayside will blight the neighborhoods they live in, cause more economic chaos, and delay the recovery of the housing market indefinetly.

The author felt that a bailout for these people unjustly rewards them for their actions. No argument, but why stop there. We don't have to bail them out, but creating a mechanism for a just work out of the loan would still hold them responsible without damaging the neighborhood, community, state and country.

In addition, lawmakers were asleep at the switch. Don't tell me they didn't know the kinds of ads and marketing that went on for the last several years. Bait and Switch, teaser rates, liar's loans etc. If they didn't, what were they doing?

 
Posted by Jim Little, Your Sun City Arizona Realtor on 09/25/2007 05:47 PM   Comments (2)   ,  

2 Comments on Should Taxpayers Bail Out Homeowners?

Jim, I have mixed feelings on this.  I definitely don't want to bail out (as a taxpayer) lenders that made dumb loans.  However, there are some good people who got talked into predatory loans without full disclosure, that should be helped out.

09/25/2007 05:57 PM by Brian Schulman - Your Lancaster County, PA Real Estate Professional (Mastros Real Estate, Inc.)

Jim, I mostly agree, but like Brian have mixed feelings on this.  I think I blogged about it last week but I forgot where.

09/25/2007 06:14 PM by Chris Sloan Tooele Real Estate (Group 1 Real Estate)

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Real Estate Agent: Jim Little, Your Sun City Arizona Realtor (Ken Meade Realty)
Jim Little, Your Sun City Arizona Realtor
Sun City, AZ
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Ken Meade Realty

Office Phone: (623) 977-1776
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My comments and opinions for the northwest Maricopa county and the Adult communities there. Specializing in Del Webb's Sun City, Sun City West, and Sun City Grand, and the neighboring communities of Surprise, El Mirage, Peoria and Glendale Arizona



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