God help us, do we really need this?

I'm sorry, but whatever happened to personal responsibility? Why do we need to use taxpayer's money to bail out people who we're too effin' stupid to understand the basics of mortgage finance?

In 1999, my wife and I purchased our first home. At the time, I did some careful math, and determined how much house I could afford. We then went through a pre-approval process, and I knew how much my monthly mortgage payments were going to be.

I didn't opt for any adjustable rate, because I wanted the predictability of a fixed rate. I knew what my financial limits were, and I crafted a mortgage plan that wouldn't exceed those limits. Now, if I had, and if I couldn't make my payments, shouldn't I lose the friggin' house to the bank? I mean, nobody held a gun to my head when I bought it. I wasn't suffering from diminished capacity? Why shouldn't I be held accountable.

I'm gonna hear a lot about unscrupulous brokers, etc. Hey, what about stupid homeowners? Read the freakin' paperwork. Know what your agreeing to.

This makes me crazy...

clipped from www.boston.com DERRY, N.H. -- As the mortgage crisis deepens, causing stock market jitters and forcing middle class families out of their homes, the Democratic presidential contenders are seizing on the issue, a tailor-made opportunity for them to accuse Republicans of letting rapacious, unregulated companies victimize hardworking families. Yesterday in New Hampshire, Senator Hillary Clinton of New York said she would ban fees that penalize early repayments and create a $1 billion fund to help struggling homeowners avoid foreclosure. Former senator John Edwards of North Carolina has called for banning a longer list of controversial lending practices, including balloon loans, in which interest rates grow dramatically over time. Senator Barack Obama of Illinois introduced a bill that would impose new penalties on mortgage professionals found guilty of fraud and offer counseling for homeowners to avoid foreclosure.