I heard from reader PA this morning responding to what I posted yesterday about a meeting today to address the foreclosure fallout from risky financing during the boom.

Here’s a bit, in PA‘s own words:

I am adamant—I will not spend my tax dollars bailing people out of imprudent decisions to buy in a lunatic housing market. My husband and I and our 2 kids still rent because we could not stomach the overly-inflated sale prices of houses in SD for the last 10 years (but we do wish we’d bitten the bullet 10 years ago—even then we had sticker shock). Families who fell for the hype made BAD DECISIONS. They should be RESPONSIBLE for their BAD DECISIONS. … I think it’s time to start holding people accountable…so maybe next time they will make a good decision.

PA is not alone in this opinion; I’ve heard it from a bunch of people and bloggers lately as governments and agencies try to sort through the mess stemming from more and more people losing their homes.

What do you think? Some advocates of government help for distressed borrowers say some such people were taken advantage of during the housing boom. Many major housing advocacy groups have decried some mortgage professionals’ targeting of Latinos and other minorities for high-interest, risky subprime mortgages. Now, those groups are said to be suffering disproportionately from foreclosure.

Let me know what you think. Click my name below to send me your thoughts.


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