Is bailing out borrows to prevent foreclosures really a wise idea? Aren't foreclosures really a factor of the free market? Going into debt to buy a home seems to be a choice, if someone chooses to sign their life away for 25-50 years on a mortgage, that is a choice, no one is making them do it. In this last go around many people did so to make money flipping houses, they called it investing, but it was really an economic gamble, gambling. So, this is their choice and it is their problem.

Many Americans who are afraid of losing their home never actually owned their home in the first place, rather all they owned was a piece of paper or a mortgage stating that they owed money for the rest of their lives. That is not homeownership and they were not ever part of the ownership society. They only thought that they owned the home because that is what they were told, but in reality the bank owns the home and they owned nothing except the debt.

Does it really make sense to help people who have made very poor choices and have been fiscally irresponsible with their money? Is that really fair for all the people who saved their money and bought a home that they could afford rather than something larger that they could not afford. Should we be rewarding people for making bad financial decisions? After all, they are the ones that chose to take the risk that later down the road when the payments increased, that they would have more money in the future. Something Serious to Contemplate in 2008.

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