My latest rant is regarding the Fed, and possible plans to "fix" the mortgage market. Hello? The mortgage market in my humble and uneducated opinion was running its course. Supply and demand, with a little greed thrown in, at its finest.
This NPR story really took me over the top on this issue... specifically the interview with Sheri Stinson of Minneapolis, who earns $2,000 a month and who's mortgage payment just jumped an additional $500... to $1,800. And she has two kids and a car payment, and you know, food to buy.... If her payments had stayed at $1,300 a month she still couldn't make ends meet.
I'm sorry there are people in a bind. I want to buy a home too, but over the last year or two I looked at 1. my income. 2. the price of real estate 3. how much I can put down and 4. my income.
Did I mention MY INCOME??? NOT what I am approved for.
So now, my tax dollars, which are significant (not in a Bill Gates kind of way) since I HAVE NO WRITE OFFS, are supposed to help out someone who got in over their head? who didn't read the fine print? Didn't understand variable interest rates?
OR worse, to bail out some mortgage company or bank...
I certainly don't wish anyone ill will, but there is no guarantee in this country that says you get to own a house. Hell we don't even guarantee everyone access to health care.
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Oh, I so hear you. "Sheila, your credit is so good I can approve you for [insert astronomical sum that would have me on the street within a year with my credit ruined]."
"Um, thank you, no."
I have no pity for people who get in over their heads, either. What were they thinking? Thank god I do not actually HAVE to move right now.
Hooray for the fiscally responsible who can actually put food on the table with no help from the government and even take in a show or two.
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