- Jul 12, 2007
- Professional Status
- Certified Residential Appraiser
Why should should people who took out loans that they cannot afford get bailed out? They borrowed the money, they signed a promisory note to pay it back and they agreed to mortgage the house as collateral for the loan. Unless someone had a gun pointed at their head when they signed the loan papers, it is the borrowers own fault that they took out loans that they cannot pay back. People need to take responsibility for their own actions. This is typical socialist nonsense.
It would be a much simpler world if such situations were as simple as good and bad choices. Unfortunately, it is not. While some borrowers really did get themselves in over their heads through poor choices not all of them were given the information with which to make a choice, good or bad.