I could write for pages about the stupidity of the real estate industry during the past five years. Suffice it to say that when I was looking for a condo I could afford (I had a down payment, but no permanent job, so I thought I'd be modest) my realtor looked me in the eye and said, "You know, we could just get you a four-unit building and you could live in one."
No job, and he would have been able to find me a million dollar loan. No wonder the lending industry has the problems it has.
So with elections coming up and adjustable-inflation loans, well, adjusting, just like they are supposed to, what's the White House doing? Talking about freezing the interest rates on those loans, and turning to the taxpayer to make sure the poor investors who backed those insane loans don't lose any money.
http://news.yahoo.com/s/nm/20071130/us_nm/usa_housing_hazard_dc
Part of me is really bitter. I mean, I decided to pay a higher interest rate for a fixed-rate, fixed-term conventional loan. Now I find out I should have just been irresponsible, gotten in over my head, and waited for presidential candidates - desperate to A) Look like they're helping out Middle America and B) Actually bail out Wall Street - to come to the rescue.
But you know what? It's the same crap that Corporate America pulls on a daily basis - digging into the taxpayer's pocket to rescue it from its latest bad decision, poor investment, or just to line its pockets a little more.
So maybe I should be glad that in election season, at least the candidates have to pretend to include the middle class when giving away the bank. As we all know, telling Americans that they've made dumb decisions and will have to pay the consequences of those decisions is an excellent strategy for not getting elected.
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