However the reason the Mortgages are defaulting en masse is not primarily because the homebuyers took on too much debt, although that is a contributing factor. The real problem was the Adjustable Rate Mortgages, (ARMs). The big bailout option doesn't fix the problem, it only converts the problem to national debt. |
Read the rest of the story HERE:
At www.truthout.org
Margaret Bassett passed away August 21, 2011. She was a treasured member of the Opednews.com editorial team for four years.
Margaret Bassett--OEN editor--is an 89-year old, currently living in senior housing, with a lifelong interest in political philosophy. Bachelors from State University of Iowa (1944) and Masters from Roosevelt University (1975) help to unravel important requirements for modern communication. Early introduction to computer science (1966) trumps them. It's payback time. She's been "entitled" so long she hopes to find some good coming off the keyboard into the lives of those who come after her.