Tuesday, February 05, 2008


This makes sense...

Income= $50K, Mortgage=$607,000

An interesting article in today's Washington Post on the impact of the mortgage crisis on sunbelt cities. I found this quout enlightening:

"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.

So please tell me exactly why taxpayers whould be bailing out the Aos?

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.

Mission accomplished.

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