Buying a house is a business transaction. Obtaining a mortgage is a business transaction. People make and loose money on business transactions every day. If you borrow more money than you can pay back, you loose money. If you loan money to somebody who can"t pay it back, you loose money.
The lenders got way too aggressive about loaning money to people who were "subprime". They took a chance by making the loan. I have no problem with them risking their money on any investment, that is part of business, but it"s not the responsibility of the taxpayers to make them whole again.
On the other hand, many people borrowed more money than they could ever have been reasonably expected to pay back. Now they will loose their collateral, which was their houses. I have no problem with them stretching their finances to try to make a better life for themselves, many people do it and some make out and some don"t, but it"s not the responsibility of the taxpayers to make them whole again either.
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Today's Featured Article - Show Coverage: Central Illinois Strawberry Festival - by Cindy Ladage and Janna Seiz. Every year the coming of summer is highlighted by different events for different people. For some, it is heralded with the end of school, tilling the garden, or completion of the planting season. To us, connoisseurs of find food, antique tractors, farm toys, crafts, and downright fun, the annual Strawberry Festival means summer is here. Every year, in Carlinville, Illinois, the Macoupin County Historical Society and the Macoupin Agricultural Antique Association team up to fill th
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