Tuesday, February 05, 2008
This makes sense...
An interesting article in today's Washington Post on the impact of the mortgage crisis on sunbelt cities. I found this quout enlightening:
So please tell me exactly why taxpayers whould be bailing out the Aos?
"We're in so deep that it doesn't seem like anything will help," said Rebekah Ao, 33, a pregnant homemaker who lives in a new four-bedroom home in Avondale with her husband, Otto, a truck driver. The Aos, with $50,000 in income, owe a total of $607,000 on mortgages for two houses they bought since they moved to the Phoenix area about two years ago.
They'll get a bail out, the executive of the mortgage firm that lent to these people will get a huge bonus, and responsible folks who were smart enough to get a fixed rate mortgage- like most of us - will pay for it.