What is Digg?2 Comments
- Hillsfar, on 11/20/2008, -0/+1Ahh, yes. Affordable homes for those who aren't skilled enough nor good enough with money management. That's why their default rates are higher and of course homes cost more money when more people (due to government subsidies) are chasing after them.
And yet the government still wants to throw good money after bad. How about free money management classes and free self-discipline classes? I bet the money lost on a single foreclosure could have been used instead to train hundreds of people. - jdg805, on 11/20/2008, -0/+1Hmmm, what have we learned from the current crisis. Federally backed mortgages sound like a great idea except it offers the market the closest thing to a "free lunch." It sounds like the FHA needs to borrow some IRS auditors and have them dig into the background and business operations of all FHA approved lenders. Loans should be audited at random and those lenders who issue loans that don't meet FHA standards should be heavily fined and possibly stripped of their license and potentially tried for treason. Yes, treason, since any fraudulent or predatory lending would be further endangering the health of our national economy. Once we put consequences back into the equation, that should take care of a lot of the behavior.
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