Letters to the Editor
-
oooo isn't this fun?
And again, another byproduct of the "owernship" society so touted by our Republican business-leaders. People don't understand that as much as you can buy and sell a home as an investment, you don't technically "own" the home until the mortgage is paid off. Until then, the home is still owned by the bank. So your money is just as safe in a home as it is in any other type of investment vehicle that is subject to the whims of the free market. The danger in a home is that there is such an emotional attachment to it. And unfortunately, when the banks repossess all the homes that are in default, of COURSE the equity in Americans' goes down. Because there's a load of empty places on the market the banks are willing to unload cheaper than the market value because while they are empty, the banks are losing money on the property at a pretty astounding rate.
It's a system that was great when people were clamoring for homes, but now, well, just look at Countrywide.