This is the problem with McCain’s plan of “buying up” and refinancing delinquent mortgages. It completely removes the incentive for anyone to pay their mortgage. Why would I pay if by not paying, the government comes in and reduces my interest AND principal?
Dumbest plan ever. It’s moral hazard on a macro scale, for every citizen.
A collection of things I'm reading, writing and thinking about. These are my ramblings and personal thoughts from my travels — all the well thought out stuff is over at my other blog, Ready Fire Aim.
Coming to you live from Denver, Dallas, Charlotte, California, or wherever else my travels take me.
You can reach me by leaving a comment on this blog, or bill@smallerthoughts.com.
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