Brad Warbiany has it right when he talks about the Neighborhood Assistance Corporation of America:
…these guys (a private group) are helping people, so Iâ€™m not going to criticize them in any way.
This is how people are helped in a free market.Â Those with a vested interest in the success of the individualsÂ who borrowed moneyÂ from them try toÂ make the best of a bad situation.Â
Unforunately, there are plenty of other people, Charles Schumer for instance, who want the federal government to bail out people who borrowed money they can’t pay back, which is basically helping theÂ companies who shouldn’t have loaned them in the first place.Â Never mind the fact that the federal government itself already runs at a deficit.
I’ll spell it out for you on simpler terms, with the middle man removed.Â You and I will beÂ forced to provide someone else with housing by paying back a loan they took out withÂ a bank who shouldn’t have loaned them the money in the first place.
Surely the banks will expect this money back with no interest.Â Right.Â Here’s an article that tells the whole story without the common sense slant I just provided.