WASHINGTON, Dec 6 (Reuters) – President George W. Bush will unveil a plan on Thursday aimed at slowing a wave of home loan foreclosures that has threatened to knock the U.S. economy into recession and rattled investors worldwide. …MORE…
OK, now I am not so naive as to think that our president is out to save poor people from losing their homes, but rather INVESTORS and BANKS from losing their shirts, HOWEVER, had I known there would be a government bailout, perhaps I would have purchased a home I knew I could not afford.
Like many, especially here in Southern California, I’ve been watching the housing market absolutely skyrocket out of control. I’ve been wanting to buy my own place. I’ve been diligently saving money, only to watch the prices move even further out of reach. But wait! I could have qualified for a zero down, hundred percent financed interest only loan. But no, silly me opted to go the old fashioned route, and look for property and/or a mortgage I could afford. And I blew it. I’m still a renter.
How about you?