Large mortgages were a gamble
Last updated 10/30/2008 at Noon
Let’s talk about government bailout and credit for a moment. Do you believe that the US government should take over all mortgages for homeowners unable to meet their current payments? If your answer is an unequivocal yes, then you have lost me!
I believe that if you are middle class, blue collar wage earner, married with two children, and you took out a mortgage on a large, five-bedroom, three-bathroom with a pool/Jacuzzi, my response to your plea for help is thanks, but no thanks! You knowingly took on more than you needed, merely betting in the hope that prices would continue to escala...