Buying a house is a business transaction. Obtaining a mortgage is a business transaction. People make and loose money on business transactions every day. If you borrow more money than you can pay back, you loose money. If you loan money to somebody who can"t pay it back, you loose money.
The lenders got way too aggressive about loaning money to people who were "subprime". They took a chance by making the loan. I have no problem with them risking their money on any investment, that is part of business, but it"s not the responsibility of the taxpayers to make them whole again.
On the other hand, many people borrowed more money than they could ever have been reasonably expected to pay back. Now they will loose their collateral, which was their houses. I have no problem with them stretching their finances to try to make a better life for themselves, many people do it and some make out and some don"t, but it"s not the responsibility of the taxpayers to make them whole again either.
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Today's Featured Article - A Farmall Restoration Story - What's Been Done So Far - by Sean Brinston. This is a story of my first real tractor restoration. My name is Sean Brinston and I was 15 almost 16 at the time of this.My neighbour directly across the road who I had helped with hay all the time had this tractor sitiing at his house for what I thought was 6 years. Finally I got the money and courage to ask him. I phoned him and he said it was already sold, eight years ago!
... [Read Article]
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1965 International Harvester McCormick Farmall cub tractor 2,500. Two owner tractor. My grandfather bought new in 1966, then we inherited it. Have all the paperwork original manual and all maintenance records. It starts and moves. Comes with underbelly mower, plough, and some other attachments.
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