It’s really a shame. No, it’s more than a shame. It’s Un-American. Millions upon millions of U.S. citizens might as well give up forever on their dream of owning a home. These are people who are qualified. Better credit, better income than most of those who’ve defaulted on millions of home mortgages in the past few years. Before the sub prime mortgage debacle, these people would have had no problem getting a mortgage. And they would have paid their debts. On time and in full. Now, they’re never going to get a chance to do that. Or if they do get a chance, it’s going to be years from now.
Locked Out Forever
The authors and commentators all agree: the banks and Wall Street in a cabal of greed conspired to bring about the home mortgage debacle. Many financial gurus lost their jobs when storied companies collapsed. But the real victims are those who dreamed of owning a home. Because credit has tightened to the point that only those who’ve saved substantially large down payments of 20% and sometimes more, and only those with stellar credit reports and I mean, stellar. Only those with guaranteed jobs and more than enough income, only these best of the best home buyers are going to be able to get a loan in the coming several years. That leaves millions upon millions of potential home owners, perhaps as many as 10,000,000 potential buyers, out in the cold. And that simply is not American. But at least for now, it is the American Way.
