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 - A City Guy's First Tractor - by Fred Hambrecht. After living in apartments in Atlanta for more years than I care to remember, the wife and I decided to move to the country. Humming "Green Acres is the place for me..." we purchased a 29 acre tract about 60 miles south of Atlanta. Next came the house, I could talk about that ordeal for another two weeks... But, I want to talk about my tractor! We didn't even own a lawnmower, and all of a sudden we had enough grass to feed all the starving children of the bovine world. Naturally, I talked
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