- Did the American people know what a sub prime loan was? Did they understand what they were buying?
- Were they misled by aggressive mortgage brokers and builders?
- Will these people learn a lesson if they are bailed out?
- Will this bill give these people the chance they need at financial redemption?
- What about the financial institutions that issued these loans? They are forced to lose money.
- There is no financial education program linked to this bill.
Although I want Americans to get some help with this terrible issue, I can’t help think that this seems like parents sticking up for their kids when they shouldn’t. As you know, Mrs. Planner is a high school teacher. She often gets calls or emails from parents asking her to change their child’s grades. The kid earns a “C” on a test, but the parent wants to negotiate the “C” into a “B” because “the kid was tired from a late night swim meet.” Tough lessons are though to learn, but that is why they are called tough lessons.
Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.