I'm in that crowd that isn't very happy about this sub prime rescue underway by the federal government. It isn't the government's fault the people who qualified(read were suckered) for the sub prime loans, aka adjustable rate mortgages, can't pay their mortgages. Those people were trying to live above and way beyond their means. That's what they get for being greedy and vain. That said, our original mortgage through a bank was sub prime. We scraped, skimped, and saved to build our home but we didn't have perfect credit. We dug in and finally managed to get a fixed rate mortgage rather than the sub prime thing that we had originally for the construction loan. And let me tell you, our home is only 1560 sq ft, 3 bedroom, 2 bath, and 2 car garage. Nothing fancy. Gravel drive. 5 years later and we still don't have grass thanks to good old Tennessee red dirt. Anyway, back to my point.
Now, you know the government isn't just stepping in out of the goodness of its collective heart. Right? It's an election year. Three of the four states with the highest foreclosure rate happen to be the swing vote states of Michigan, Ohio, and Florida. What better way to win votes than rescue people form themselves. What better way to instill government dependence? They know exactly what they're doing on both sides of the party aisle. They're positioning themselves for the win at the cost of more entitlement mentality from the people who keep putting these useless senators and congressman into office.
I'm just not sure there's a good way to retrain these people. But I'm willing to try.