re: #1566 lawhawk

Something else to keep in mind - the foreclosures and housing problems affect less than 10% of all housing in the country. We’re supposed to bankrupt ourselves to save 10% which acted impetuously and stupidly by buying homes they couldn’t afford and lenders who went along with the charade of easy lending to people who couldn’t repay.

Right. There’s a reason that people are starting to get pissed off at the bailouts - because they recognize that Obama’s well on his way to removing the risk from transactions - risk that keeps people from doing stupid things in many cases, but also which reduces the likelihood of bubbles.

It also doesn’t address the fact that foreclosures aren’t always a bad thing. They mean that prices come down and become more affordable to those who can afford to buy. That’s a good thing.

Where someone should get relief is when the government is fully responsible for the foreclosure - as when taxes are hiked 47% like in Hoboken, and the people on fixed incomes run the risk of losing their homes because government is forcing them out of their homes.

So true! I read somewhere recently (sorry, can’t remember where) that an unintended consequence of this housing approach is that it could lead to housing prices remaining artificially inflated - which goes directly to your point about foreclosures not always being a bad thing.