CNN recently ran this profile of one of the families facing foreclosure due to the collapsing housing market. Minta Garcia (her husband was probably too embarrassed about her shameless plea to appear on camera), a school bus driver,
"admits she and her husband bought more house than they could afford"
An $800,000 house, to be exact, and a very nice one, judging by the video. So why should they be allowed to remain in it, if they weren't victims of fraud and can no longer afford the home? Should they also be able to keep a Maserati they purchased as well, if they can no longer make the payments?
"but that the lender made the purchase all too easy"
A classic example of putting the blame onto someone else. If it's too good to be true, it almost always is.
You have to know exactly what you're getting into when you sign up for such a large loan, which is why every financial expert on the subject I've ever listened to begs people to spend the couple of hundred dollars to have an attorney review the mortgage documents before they sign them. Very cheap insurance indeed for what is likely the largest purchase people will ever make in their lives.
"Her message to the
Begging the His Holiness to intervene and unilaterally change the provisions of private, lawful contracts between two parties is not a reasonable solution to this crisis, in our opinion, and will only serve to anger responsible homeowners who deferred buying their current home until they could reasonably afford to do so.
(H/T to Things You Wouldn't Know If We Didn't Blog It)
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