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Peter Schiff predicts doom
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[QUOTE]Originally posted by rhwdetroit: [QB] [QUOTE]...more handouts to deadbeat homeowners who won't pay their mortgage (courtesy of hard working taxpayers). [/QUOTE]I live in Detroit and I can tell you that many of the people here are not deadbeat homeowners! Many of these people here lost their jobs. I'm not talking about just the auto workers either. Many people here had good paying jobs and as the auto industry started crashing and people started leaving Detroit, other jobs went away too. These people tried to keep their houses by working two jobs, cutting expenses, etc. but it just became too much. They got stuck! Not enough money to move the entire family to another state, not enough money to pay the house payment, the bills, eat, etc. It is unfair to lump everyone foreclosing on a home into the "deadbeat homeowner" category. Having said that, I think it is also unfair to bail these people out and then not help those that threw everything aside in an effort to not get foreclosed on. I know people who lost their jobs, had to take far less paying jobs and have essentially lived with nothing in an effort to keep their home. Now, they will still be left in the same predicament and will receive nothing because they kept up their payments by working themselves into the ground. Stopping your next door neighbor's foreclosure may help the value of your home but what does that matter if you can't sell it and are still struggling to make the payment? [/QB][/QUOTE]
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