To the editor:
I remember back three to four years ago, during the housing boom, listening to fellow workers in the break room discussing their creative home financing packages — interest-free loans, huge balloon payments due in five years, etc.
I used to think that these people must be crazy. Being an old-school person, I was taught personal financial responsibility. Don’t buy something you can’t afford, and do not live beyond your means.
About 18 months ago, I pursued the American dream and bought a new home. I bought a modest home within my means, and I put close to 50 percent down on a 30-year, fixed-rate loan.
Well, on Wednesday I learned how foolish this thinking was. I should have purchased a more upscale home, put no money down and financed it with one of those creative loan packages. Then I would sit back and wait for the duped voters to install a socialist president and Congress. I would then get to participate in the president’s foreclosure “rescue” plan, keep the home, and that evil mortgage company would have to eat the majority of the principle and be forced to rewrite the loan.
After all, it is not my fault that I can’t repay the loan; it must be the fault of that predatory lender, the evil mortgage company.
Is this a great country or what?
God help us.
Warren Willis Sr.
Other people’s money
To the editor:
Thoughts on the president’s mortgage bailout:
I’m not happy that my government is telling me that I must help my neighbor to live in a home that is beyond his income. I don’t think my government should be encouraging poor behavior.
The fact is that 92 percent of homeowners are current with their mortgage payments. It is that other 8 percent who signed mortgages they couldn’t afford that I am being told to help. One of the justifications I’ve heard from politicians is, “If your neighbor’s house is on fire, shouldn’t you help him put the fire out?” Consider this: If my neighbor intentionally set his house on fire, what should my reaction be then?
In every war, soldiers are executed for desertion to send a message that desertion will not be tolerated. I believe that some of these greedy agents and bankers should be jailed to send a message that their greed will not be tolerated.
Well, I’m off to purchase a million-dollar home I can’t afford in hopes that my neighbor will help me pay for it.