Stuck In a Mortgage You Can't Afford? You're Not Alone
January 14, 2008 by Matthew Casper
The mortgage crisis came about because our society did not think to intervene at a juncture where it could have limited the effects of thoughtlessness and greed, according to author William F. Buckley. Government action is needed because it has been nearly impossible to identify the guilty parties for the crisis. What the market would do, facing that situation, is to impose punishment on the disorderly mortgage brokers and lenders, he said. However, they are almost universally out of sight as they passed these troubled mortgages on to buyers who have been waking up during the past six months bereft of assets they thought they had. If we could start from scratch, he added, we might have managed a federal regulation that forbade giving mortgages to people without an adequate credit history.