Buying a house is a business transaction. Obtaining a mortgage is a business transaction. People make and loose money on business transactions every day. If you borrow more money than you can pay back, you loose money. If you loan money to somebody who can"t pay it back, you loose money.
The lenders got way too aggressive about loaning money to people who were "subprime". They took a chance by making the loan. I have no problem with them risking their money on any investment, that is part of business, but it"s not the responsibility of the taxpayers to make them whole again.
On the other hand, many people borrowed more money than they could ever have been reasonably expected to pay back. Now they will loose their collateral, which was their houses. I have no problem with them stretching their finances to try to make a better life for themselves, many people do it and some make out and some don"t, but it"s not the responsibility of the taxpayers to make them whole again either.
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Today's Featured Article - The Rescue of a Fordson F - by Anthony West. Introduction I live in the UK and have for many years restored Fordson tractors (in the main model N's). I have also restored and shown model F's, E 27N's, Field Marshall Series 2, David Brown Cropmasters and the old rey Fergeson T 20. At one time I had seven restored examples which were shown and used in ploughing matches. As most restorers, I have a number of war stories I can relate on a range of topics that may help other like minded and interested people. Perhaps my first p
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