Mortgage Crisis - I'm Not Going To Pay For Your Mistake And You Are NOT Victims.

Just so we're clear, the media's and government's stance on the mortgage crisis is that we should bail everyone out? I've heard of even student loans possibly being frozen. This is all completely ridiculous.

Every news story on the matter has some innocent "victim" telling about their sob story. They didn't read the fine print...they didn't know the market would turn on them.

So you are telling me they decided to make the largest investment in their life...perhaps multi-hundred thousand purchase and they didn't research the payment terms? Suck up your frigging mistakes!

I do not want to bail out these people. The unfortunate reality is some people cannot afford the homes they want. They may have to get a cheaper home...or rent. I am in a townhouse. Do you think I want to live in a townhouse? No, it is what I could afford...barely.

My wife and I started out with two mortgages...one fixed and 1 15 year balloon. We knew at the outset we'd have to refinance that 1 or both as soon as possible. We didn't want to risk our home in the adjustable rate market either.

BGE - our local gas/electric company always sends out a slip that allows you to donate to people who cannot afford their utilities. Are our mortgage companies going to start sending similar slips out that are mandatory or are they going to tack on a service fee to have us pay down other's mortgages?

I do not want to pay for someone else's mistake - whether it be through fees or taxes.

There are two parties at fault in this:

1)The Lenders - they should not offer these bullshit loans...including the interest only. I believe reform is due in this area and support that.

2)The Borrowers - they are about 90% at fault. Do your frigging research idiots. Don't buy outside of your means. Have a plan. Have a budget. Be responsible. If you can't afford it, make a change to be able to afford something else.

Don't foreclose...don't pay late. This affects me too as you are destroying the US market. You have a million bills right? Keep the roof over your head. Pay your mortgage bill first.