Serving Waukegan, Libertyville, Lake County, Gurnee & nearby areas of Illinois
Posted: July 22, 2008
The news lately has been filled with stories of government bailouts of private banks and government sponsored mortgage giants Fannie Mae and Freddie Mac. Rarely do they mention that it is the taxpayer, i.e you and me, who are footing the bill for the failures of these institutions. Not so long ago, these lenders engaged in reckless behavior by allowing bad loans in exchange for huge profits and fees. Many involved in the real estate market like lawyers, realtors and title insurance companies saw these failures coming but could do little to stop them. Why aren’t those who made the huge profits being called to task? They took the big risks. They shouldn’t expect to only reap the rewards without also taking the hit when their dangerous acts come full circle. Those of us who behaved responsibly and who did not get in over our heads should resent being forced to bail out the speculators and the gold diggers. Let our failing economy punish only those who deserve it, not the majority of us who behaved like responsible citizens.