This is going to sound cold, but I don’t think the government should bail people out of this problem, let market forces handle it. Maybe these people should not have gotten approved for the loans in the first place.

Houses have been over priced for years. Lots of people bought homes with inflated prices. The market is now correcting this, we don’t need the government getting involved and making a bad problem worst. After all, how many times has the government really fixed any money problem? Never


And many people should have not have gotten the loans in the first place, they should have stayed in a rental or kept the old house. My X-wife is a good example; she bought a home with income based on her present husband’s overtime paychecks. Now he’s not working overtime any more. They took a $20,000 income loss with the overtime income gone. It would have been better for them to bank that 20,000 per year (for the 2 ½ years, $50,000) use it for a down payment and buy a home more in line with the pay from a normal 40-hour paycheck. They are having trouble keeping their home.


My brother works for UPS, for the last 3-years he’s been working overtime almost every week. He saved the money, he drove his old car a while longer. He just bought a new travel trailer (paid cash) and is going to buy a new GM HHR and pay for most of it cash. If his overtime income goes away, it’s not going to kill him.


More people need to learn to save and get away from the idea that I need it all right now, even if they don’t have the money, they still want it now and will finance everything.


A good survival thing is to have as much of your things paid for as you can.