Posted By:
leonFist of all "LetsGoBucks" please be careful in these arguments while staying anonymous. All is good right now but just be careful.
I do absolutely agree with you though. I find little sympathy or empathy for those that took ARMs and now can't afford them. If mortgagees took out equity from their homes and refi'd into an ARM then shame on them. They need to deal with it. America can't keep living on credit debt because at some point someone (us) has to pay for it. If you aren't fiscally responsible then that is your choice. No one forced anyone to sign those contracts and spend the money. For the small percentage of retirees that got hoodwinked then I would soften the blow somewhat but they would still have to be responsible and pay back what they can.....sort of like a reorg.........regards