steven787 on 19 September 2008
I just have to add.
If the government had acted 6 months ago to save some people's homes by offering the difference on adj. rate mortgages and gov't backed refi, than they wouldn't need to spend 100's of billions on bail outs.
Why is one considered welfare for irresponsible borrowers and the other necessary to save the foundation of our economy?
That's funny, I thought consumers were the foundation of our economy and that rational borrowers would follow the advice of the president and the federal reserve. While banks were supposed to be responsible lenders.
This whole thing is f'd up.
I would cite regulation, but I know you will simply ignore it.
