Pay My Bills

The more I hear about this stimulus package (everyday), the more I am enraged with the thought that someone's irresponsibility has become my problem. The fact that we are now bailing out Americans that foolishly signed on the dotted line to purchase a home that they knew they could not afford is just insane. Everyone knew of the housing bubble, knew that it would burst at some point and gambled on being able to get as much as they could before it happened. Some did. Some purchased homes, held onto them for a year or two and sold for significant gain (sometimes into the hundreds of thousands). Those were the smart ones...they recognized a good thing such as low interest rates, no down payment, interest only loans and bought and sold before the market could go sour. Great investors and kudos to those.

However, many were average everyday Americans who, in a different market, could not afford the home they purchased. They couldn't settle for the modest home that would fit their needs but, not their fantasies. Some, actually far too many, purchased way more home than they needed on the hopes that they could refinance once the interest only period expired and with increase in value they would benefit from a large cushion of equity. Some of these loans qualified people on their ability to pay the interest only payment, not the full note. As interest rates were low, this was perfect and payments were better than renting in some cases. I know, I sold some of those loans.

I know that people had to know what they were getting into because there is an obligation of disclosure. I explained, explained and explained again in order that my clients knew. They were given information to read and advised to do their own due diligence. This is not to say that every loan consultant or mortgage broker or bank did as I did. Yet, it is still the responsibility of the signer to know what they are signing and the buyer to know what they are buying. (FYI, no shady deals on my record)

I didn't buy. I didn't take that gamble. I didn't because I read the papers, paid attention to the economists, heard the financial advisors. The bubble was sure to burst. And it did. I am still in my apartment that I hate. I don't have a mortgage but, now I have to help you pay yours.

I am afraid that as much as I am not a republican, I am with the republicans on this matter. Loss needs to be an unfortunate consequence that those idiots who bought homes way out of their budget feel. They were living in apartment prior and can certainly move back into one. We are not saving people from homelessness, we are saving them from houselessness.

Frankly if the reason is that the banks were wrong for giving them the loans, then let's use that reasoning with my student loans. Tell me why I owe enough money to have become a doctor. The schools allowed me to take out extra money, the banks gave it to me. So, since I didn't know better at 19, it is not fair that I have to pay my student loans. How about we add that to the stimulus.

Let me add that I do understand the need for money to flow, banks to lend, credit loosened, etc. However, I am tired of it being spun into a concern for people losing their homes. Again, pay for my ignorance...I will send you the notes.

And after hearing that part of the stimulus money goes to Filipino veterans I am simply bothered by the bill that we (as a country) are now carrying. Just for the record, I have nothing against Filipino vets and more power to you for getting your share. However, I just can't get completely on board with this being a part of a "stimulus" package.