A few years ago, I read a story in the paper that contrasted two thefts...
The first person pilfered approx $100,000 from her company over a number of years. She was caught. The financial part of her punishment was a garnishment of her wages until she paid everything back. However, since she was now a felon, it was expected that she would never dig out of this financial hole.
The second person stole hundreds of millions. He did his time for it in prison. He now commutes by helicopter.
The moral of the story? If you’re going to steal, steal a lot!
What does this have to do with this thread? Well, many people bought homes they knew they couldn’t afford while many more of us bought reasonable homes which we work to maintain. Those who overbought will now receive an “adjustment” to their mortgage to make them more affordable...
Yes. I'm feeling screwed over multiple times here. First the speculators drove up the cost of housing beyond what my wife and I could responsibly afford. Then when the music stopped and the speculators were left over their heads in debt, the government starts talking about how to bail out the speculators. This has the net result of keeping housing prices out of reach of responsible buyers like my wife and I.
Thanks a lot D.C.