Explain this to me please….?
McCain’s American Home ownership Resurgence Plan wants the government to buy up bad mortgages to cut homeowners’ monthly payments. Now if I were a homeowner who actually took an interest only loan, with full knowledge that “but for” creative financing I could not afford to live in a home well above my salary pay range I would probably like that deal. Fortunately, I am not. I am one of those Americans that worked hard to get my credit score high by paying my debt on time. When we looked to buy a home, I saw many I wanted to buy well above my pay range, but bought one I could afford with a 30 year fixed rate. My husband and I do without a lot of wants to take care of basic needs even with all our careful financial planning. We would not benefit from this plan in the least. What has happened to people taking personal responsibility? Why has the media only touted how lenders unscrupulously granted loans to people who they knew could not afford certain homes. What about homeowners? Who took these loans based on FUTURE salary. What about, homeowners who bought homes using creative loans and then took out a second to purchase new cars, new furniture etc.etc. When the real loan became due they had no way to pay. I don’t mean to sound mean or callous but when is personal responsibility going to come to the forefront? I am sad about what is happening in our country, I feel indebted to this country, but I do not feel entitled to have more just because I am a American. I feel if you didn’t earn it, you don’t deserve it. Am I wrong? If so please explain. Thanks