[Marxism] Hoping for credible "bailout, " Times presses needs of 6 million mortgage victims

[Lüko Willms]

On Thu, 02 Oct 2008 01:32:21 -0400, Fred Feldman wrote:

> There are two sides to the mortgage mess. The mortgage industry, in 
pursuit
> of upfront fees, deliberately made loans to people who could not afford the
> payments over time. They justified their actions on the self-serving and
> unsound basis that rising home values would forever postpone a day of
> reckoning. 

  Or when they throw the home owner out of their house, they could sell if 
for more than its original price. But that failed...

  They also gave credits with variable interest rates, and then rose the 
interest payments to a level the borrower could no longer pay. 

> Many borrowers  naïvely, foolishly or selfishly ? took on those loans. Yet
> well over a year into the housing bust, the mortgage industry still calls
> the shots, as if it is a victim of the borrowers.

  Some did not take into account that the lender could raise the interest rates 
to a level well beyond the budget, and others did not think that they might 
lose their job and thus be no longer able to pay the mortgage, or have an 
accident and get a larger medical bill which destroyed all the fine budget 
planning. 


Comradely, 
Lüko Willms
Frankfurt, Germany
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