Decency and Sub Prime Mortages

With the most conservative estimate of sub-prime impact of NJ homeowners as 13% of sub-prime mortages in near default, where are our legislators. Instead of supporting a 5 year delay in impending default, maybe we should we proposing to put the owners of those loans into a housing situation that has some certainty for 3-5 years. Carrying loans that should never have been made is silly. When you loan someone money to produce a payment that is substantially below what the market and your average bank will bear in order to get a decent billpaying person on the hook for payments and then potential bankruptcy, there should be consequences.

As a small government conservative (which would seem to be obvious to most who read this blog), I am appalled that the only consequence of this mess seems to be born by the people who frankly should have been rejected for loans in the first place. I may seem cold but if you loaned money to get a payment you could barely afford...shame on you. If you are the lender who did it...YOU AND YOUR FIRM should pay rather than the taxpayer.

I am going to score big with certain quarters with this one but free markets penalize on both sides. Sorry.

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