Hopefully (Con)gress can turn into (Pro)gress!
They are at it again. Talking about how to save homes and provide relief to homeowners. Congress is seeking more aggressive tactics to make this happen.
Ok...............
Here is another concern to consider....
If they allow homeowners to receive relief from their ARM's, Balloons, and Neg Am loans, the consumer still needs to manage their money so they will not fall behind again on their mortgage.
Consumers have so much personal debt that America has not been this broke since the Great Depression. Credit cards are maxed out and a lot of people spend their money on things they do not need or cannot truly afford.
Here is a link to an article written today.
http://www.msnbc.msn.com/id/28642344
Coming from a mortgage background, I have said in the past that you cannot only blame the banks. Consumers need to know their limits and live by them instead of constantly living beyond their means to keep up with the status quo.
Manage Wisely!
Tony
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