Why do we need to bail the mortgage companies out?
And why are people saying it is so hard to get credit? I get letters and calls from Countrywide all the time asking me to re finance the mortgage on my house. I always turn them down because it is pointless for me to do i but is it really as bad as everybody says it is?
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Countrywide is not one of the companies that crashed. Besides, those ads go out automatically. Probably haven’t been able to stop yet. I get pre-approved offers for credit cards and home equity loans all the time.
Most of the mortgages that are in trouble are the ARM ones sold to people who couldn’t really afford to have them.
This bail out is for banks. Credit on all levels is clogged, and they’re trying to prevent a depression that will have global effects since we live in such a wonderful global economy. Stop it at the banks and it will come crashing down to the lowest level. It is an unfortunate necessary evil so to speak.