Lexi
I must apologize, I didn't realize you were posting to this thread tongue in cheek. I know you are not stupid and would not misinterpret the situation regarding subprime lending except as a joke. I mean everyone knows the subprime "crisis" was created by irrresponsible borrowers who wanted to buy more house then they could afford and now that the note is due have to pay the piper for going in over their heads. Remember that subprime lenders were originally hailed as heros since they were allowing borrowers access to funds they were marginally capable of repaying. To the liberals this meant that people could buy houses far beyond their means and hope for the best. That is what the liberals are all about isn't it - hope?

As far as homeowers going homeless, I know you don't really believe that is happening, I mean that is just such an insane belief that I know you can't possibly believe it. I mean, the only thing that is really happening is that people are being forced to move from $250,000.00 homes into apartments or rental houses at rates they were paying for the $250,000.00 home but were building no equity. Its not a situation where they were paying $1200.00 a month mortgage payment and now can afford to pay nothing. They can still pay the $1200.00, but the mortage payment will now be $2000.00 and they can't pay that. Furthermore, since they have negative equity in the house they can't qualify for a refinance. They still have the $1200.00 per month available. In addition, since it takes several months to actually foreclose and evict the homeowner they have more than enough time to look for (and since they are living rent free for several months between the time of the foreclosure and the actual eviction - its six to eight weeks in every state in the United States) they have enough money for rent, moving expenses, and deposits. In most cases these people have reasonably good credit except they can't afford the balloon payments on the house. So, I don't understand how anyone would become HOMELESS as in having nowhere to live except on the street simply because their house was forclosed. This would be the same as having your car reposessed and becoming incapable of walking.

Now Lexi, I think at best you are misinformed about the subprime "crisis" and truly wish to help people. But since they don't need help, they need to understand why they were idiots in doing what they did and take personal responsibility for it then "helping" them will only lead to enabling them to bilk the public in the next crisis of their own making.

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Its better to have fussed and crabbed then never to have fussed at all - Lucy