Look...It makes me sick that OUR tax money would have to go towards bailing out people who should have never been given loans in the first place....however, If the Govt. does not get involved, we risk property values dropping like dominoes...Bankruptcy's would quadruple...everyone would feel it.
Especially states like Ohio, Michigan, Indiana, Vegas, parts of Florida, parts of Cali, and hundreds of other city's. The collateral damage will be felt by EVERYONE!...including most other country's.
Its bail out time in my opinion...address these ARM’s now before its to late.
They will be addressed as properties are foreclosed on and eventually purchased at much lower prices! These cycles have been repeated countless times in history!