Every so often I get what I can best describe as a “Conservative Streak” that is so out of line with my normal liberal leanings, that I find it quite uncomfortable, and it leaves me unsure of what to really think. Such is the case when I read to day how the House of Representatives moved to expand Mortgage Protection.
Now my normal liberal way of thinking says that I should support anything that is going to help people out of a bad situation. And in general I do believe that. Rebuilding the areas worst hit by Katrina? Absolutely! Help an area after a Tornado wracks an area? Of course. But bail out some guy who took out a questionable mortgage deal, so he can get more house than he can really afford, and gets caught because that floating mortgage that enabled him to buy a house bigger than mine with more land than me has now gone up (as everybody but the sap that actually signed for this loan knew it would do)? Um… Hold the phone a moment will you please?
Look. I don’t want to sound mean. I realize that these are people we are talking about. People that could very well lose their homes. That is of course a very sad situation. It also hurts the economy, so I understand that there are some widespread consequences that lawmakers are hoping to stave off by this maneuver as well. But I have a hard time rationalizing how I need to pay taxes for my own home, and then watch my tax dollars go to help pay for somebody that is not paying their own taxes and mortgage. Not because of some natural disaster, not by act of war or terrorism, not because of changing boundaries or zoning issues, not even because of illness or even job loss, but because they got caught. They got caught trying to bite off more than they could chew.
Want to lay blame somewhere? Lay it at the feet of these mortgage companies that came up with these “sub-prime” loans. Interest Only loans? Who plays that game? Somebody that is trying to flip a home for a profit? Well, that is why it is called speculation, let them absorb their loss. Somebody that was conned by a mortgage broker that this was an excellent way to get “more house for your money?” Well then hang the broker out to dry for swindling this hard-working individual out of their “American Dream” by convincing them to do the ill-advised, after all it was the broker that profited from these loans.
But please, don’t ask the hardworking men and women that work hard and find a way to pay their mortgages and taxes on time to foot the bill for somebody else’s mistake.