Thursday, September 18, 2008
Splain to Me Something
Why is it that the government is bailing out financial institutions, for reasons directly or indirectly related to the mortgage crisis, when these same institutions refuse to renegoatiate terms with borrowers who have the capacity to pay? Is it better to let the debts default? Can the lenders collect insurance on the bad debt?
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1 comment:
Very good question!! Especially when we are told it was our fault, and that we should just suffer the consequences!
But the good news? Our co. finally DID see the light this week and froze our payments at a high but doable $1750 per month for 5 years. I think they finally agreed that a steady cash flow was better for their bottom line than a pricey house no one can sell. DUH! Only what we've been saying for over a year.
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