If you think it's a bit unjust to be asked to bail out those who bought homes they couldn't afford and now find themselves unable to keep up with their mortgage payments, you can go here to sign a petition to Congress to that effect. If you think there's something absurd about being asked to help those living in $500,000 houses pay for their homes while you can't even afford to buy a house at all then you might consider signing the petition.
There may be some who have built up a lot of equity in their homes and stand to lose it, but for many of those facing default on mortgages on which they had to put little or nothing down, their situation seems to be no different than if they were renting the house for the time they lived in it. All they lose, if the house is repossessed by the lender, is the monthly mortgage payments they had been making, which were just like paying rent. The big loser is the lending agency which is now in possession of a house which they probably will not be able to sell for the value of the original mortgage.
But then that's the risk they took when they underwrote loans to people with dubious ability to pay.
RLC
