Janet Huet-Cleary of Monroe
We need a tough solution, not a simple one.
I partially disagree with Irving Bersak’s solution to the mortgage crisis. The idea of “allowing” those who can’t afford their mortgage payments to live in the homes they lost as renters is not practical. The cost of renting a house is almost the same as a mortgage payment. The fair market cost for renting a house would, most likely, be very difficult for these people to pay.
Neighbors usually complain about rented houses because they are usually the homes that are not cared for and have knee-high grass. The pride of ownership is not there and the pride of being able to provide a “home of your own” for your family is gone. I would find it heartbreaking to rent a home that I lost.
As Mr. Bersak pointed out, surely those who manage these lending corporations knew that many of those who purchased homes with adjustable mortgages would eventually not be able to afford their monthly payments. Surely they check the salaries and credit history of the buyers. If two and two still equal four — these lenders knew that this problem was coming.
Our enabling Uncle Sam came to the rescue with our tax dollars. Remember when Uncle Sam bailed out the saving and loan institutions and Chrysler Corporation. Now this. Surely there is another corporation waiting in the wings with a money-making scheme that will require another bail out. Why not, they can make huge profits and then step back and be bailed out.
They don’t go to jail for poor business practices and we, the taxpayers, get caught holding the bag. Those who purchased these homes are surely crushed but the corporate bosses are still getting their exorbitant salaries and don’t even get a slap on the wrist. The man at the top of Country Wide (who earns $37 million a year) and the other lending company executives who are now part of this, will continued to receive their exorbitant salaries.
No one was willing to let the chips fall and see what wold happen without intervention. It is my belief that these corporate leaders know this and just waited for a rescue. Why don’t these men at the top at least lose their jobs? That might make other corporate leaders think twice before they condone more poor business practices.
It’s about time the corporate greed and madness in this country stopped. It’s about time these overpaid executives lost their lucrative jobs. Make these executives pay and perhaps these selfish schemes will come to an end. If it doesn’t stop here, there will eventually be another creative, manipulative corporation looking to Uncle Sam for a bail out after they have raked in huge profits. The only people hurt by this were those who can’t afford their mortgage payments and their families. And the taxpayer.
Corporations rule. We pay.
Janet Huet-Cleary
Monroe
