There has been a lot in the news in the last couple of days about what Bush wants to do for those facing foreclosure. He is getting a lot of flack about this from some quarters. I am no Bush fan (that is an understatement) but I do think that what he wants to do has some merit.
Yes, many of the sub prime borrowers probably shouldn't have had mortgages to begin with. But they were trying to own their own homes. And the lenders didn't have to approve them, but they did. Yes, maybe some of these people were in the subprime category because they are bad with money and can't manage it well. But it still seems like some forces beyond their control were at work here too.
Anyway, Bush is wanting to put in place some measure that will help some, but not all of those in trouble. I am not an expert at this, and don't know all the details, but from what I do know, I think it is a good idea. After all, if a bunch of people are suddenly in trouble like this, it can't be good for the economy, right?
There is also a group of people out there (as evidenced from some money message boards) who seem to think that these people should not be helped at all. After all, they say, we paid our mortgages, and we do things the right way--why should we help them out?
I understand what they are saying, but I always marvel at people who think they are ever above making a mistake or doing something wrong. Just because they haven't gotten into a mess yet, does that mean they never will? Bad things happen to good people.
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