Two years ago I was driving home and heard an commercial on the radio guaranteeing home loans with zero down, for those will zero or bad credit. Assuming that a VA loan was still my best option, and that this was obviously some shady deal I called to find out the details. At the time I wasn’t into finances the way I am now, so when the voice on the other line mentioned things like double ARMs, 20/80s, and interest only loans, I was at a loss. When I got home I quickly looked these things up using only google and wikipedia. It took me all of ten minutes to realize that these options were not a good idea. I didn’t have to be following the economy intensely to know that a few years back interest rates were at incredible all time lows, and were then starting to creep up. Knowing this, I knew that they would inevitable keep rising.
So today when I heard that homeowners were rallying against the governor of Massachusetts I was a little upset. I understand their frustration and pity their plight; however their obvious mistakes were there own and I feel that the government has no responsibility to fix their errors. This is difficult for me to say, because I think that major corporations and especially financial institutions have been given too many rights in the last 150 years, and I do feel that the government should regulate predatory lending and possibly even interest rates on loans. But your mistakes are your own, and if the government will back you up every time you act stupid, then you will never learn.
How can we expect the government to get their act together to help us when we cant even help ourselves.