Grandma loses her house. Boo hoo says the MSM. To hell with her say I.
Only weeks after moving into their first home in 2006, Margarita Rios celebrated Christmas with her two daughters and their families. They finally had the room to do it right, with decorations outside the Valley Stream, N.Y., house and a nice tree surrounded by presents inside.So let me get this straight. This woman bought at the peak of the bubble. Stupid move #1.
In February, faced with an unexpected jump in her monthly mortgage bill, Rios stopped making payments and abandoned the home, shattering her life and scattering her family.
Despite relatively meager earnings - she makes $25,000 a year at the factory - she managed to save $20,000 for a down payment. Careful use of credit cards helped her establish a good credit history.
Soon, Rios was the owner of a $489,000 four-bedroom home with a monthly mortgage payment of $4,100.
She bought using an adjustable mortgage. Stupid move #2.
She bought a house with a payment of $4,100 on a salary of $25,000?!?!?. Stupid move #3, 4, 5, 6, 7, 8.....99, 100, 101...1000, 1001.
And now I am supposed to feel sorry for her because she is literally too stupid to survive on her own. I don't care if you are the most financially unsophisticaed person in the world If you sign up for a $4100 mortgage when your gross income is $2000 a month you are indeed the stupidest person alive.
And yet Juan McObama wants to bail people like this out with my tax dollars.