Quote:
Originally Posted by manaboutown
I agree in general but in this case private industry is using the government to guarantee receipt of huge profits at taxpayer expense.
My heart goes out to the feckless homeowners who were talked into taking out reverse mortgages by slick talking salespeople and ended up losing their homes to foreclosure, in many cases leaving them destitute as their homes were their primary asset.
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Unfortunately govt is not smart enough to charge enough for mortgage insurance to cover the foreclosures.
My point (and I was not clear) was the govt should not be in the business of guaranteeing mortgages like this. If they stopped cousin Brucie would need to find another job.