What is wrong with the US Congress? Don’t they get it? 70% of the country does *NOT* want this buyout of the banking industry, specifically AIG, to go through. Why? Because it’s *NOT* needed, and we know it.
The numbers are quite simple, of the 100% of the people that own their homes in the US, 37% of these homes are owned *outright*. So that means only 63% of the homes in question are in a mortgage.
Now of that 63%, only 4% of these are *potentially* affected. That’s 2.52% of of the TOTAL amount of households in the US that are owned, either outright or through mortgage. And these are *potential* failures.
The majority of the folks that are out there with this “problem” overspent and chose to buy beyond there means.
So how were they able to do this? The government forced banks to write these bad loans to keep their credit ratings.
Don’t think so? Read the news…
