What should be done about the mortgage crisis? [View All]

More houses are being foreclosed, more families are receiving foreclosure notices, and houses values are depreciating. Unfortunately, house values have not dropped far enough in most markets so teacher, policemen, and paramedics can afford to buy one.

Obama and Clinton have talked about a $30 billion aid to homeowners. McCain has promised not aid to bailout anyone. However, McCain supported deregulation of the banking industry that is partially responsible for all of the loans that lacked collateral and allowed subprime loans with ARMS and balloon payments. These ARMS and balloon payments led to much of the payment delinquency.

Which candidate is right? What should be done?

1. Should we bailout everyone who made a bad investment, bankers and homeowners alike.

2. Should we only bailout the bankers?

3. Should we bailout only the homeowners?

4. Should we bailout only homeowners? How will we decide who gets help?

5. Should we bailout no one? “You made your bed, not sleep in it.

Tex Shelters
Read my blog about the crisis at myspace.com/texshelters