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I actually have to disagree with you here. If we bailout struggling home "owners" who contributed to the artificial skyrocket of home prices, it will only help keep home prices artificially high. That dooms every future first-time home purchaser for years to come. If we let the foreclosures happen and do nothing to help them, home values will come back down to where they should be.. 1998-ish plus ~2-3% appreciation per year since.
I don't like anything about a Wall St bailout, but I'm even more against doing ANYTHING to prevent foreclosures that need to happen. These people were given home loans that should never have been awarded in the first place. I'm not just talking about poor minorities. I'm talking about anyone who took on a loan for a house they couldn't afford in the long run. There are a lot of middle class foreclosures because they felt they could afford a $500k house on a $60k salary with only 10% (or less) down payment.
I cheer the downturn of the housing market. It means that everyone (our first-time buyers, college students, children, and those who previously had a foreclosure) will be able to afford more home for their money in the coming years, but this time, banks will be held to only giving out responsible loans without allowing anyone to overextend their salary.
So I'm guessing you're fuming over McCain's new proposal to have the government buy up bad mortgages in an effort to prevent housing prices from dipping further?
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