To all of those who talk about American homeownership being a right or some entitlement or something like that...to anyone who 'feels the pain' of homeowners being foreclosed upon, or is one of them, I have a message for you:
Americans don't care about being homeowners. They don't. They couldn't care less if they actually owned the house, the land, or anything else for that matter.
Americans want to be, strive to be and care about being wealthy. They will do, buy, or act in just about any fashion to cause this to happen. If they could be financially dependent, wealthy, etc. from buying and selling tulips, they would do this.
Americans look at homes, and treat them, as an investment. Period. Any investment has risk. Investors should know about risk and uncertainty. They should also know that sometimes they lose. And be prepared for it.
As for the rest of the world pointing at this mess starting in, and being caused by the US; poor lending, poor oversight, corruption, collusion, ratings agencies not doing their job the list goes on, I say to the rest of the world, "Take responsibility for your actions, too."
When they were buying MBS reportedly rated as AAA they didn't see those securities were based on US homes, mostly in CA that were increasing in value at astronomical rates by historical standards?
Come on. Take some responsibility.
J
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