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It is both appalling and amazing to me that the President of the United States, in the middle of a war and other crises, has to come up with legislation to help the poor homeowners out of the trap they walked into all by themselves. I could not believe what I was hearing on the news the other day. President Bush is offering a plan whereby it will not be mandatory that adjustable mortgages adjust to a higher interest rate. For those who have kept up with their mortgage payments, the adjustable rate could continue at the lower rate. I do not have the details, as I was in a hospital waiting room at the time I heard the speech, and the noise level was such that I did not catch it all. But I didn't need to. The fact that we have to have national intervention to get us out of our personal debt issues is mind boggling to me. And, in case it isn't clear, I am not faulting the President for trying to help the situation.

While I do not condone the shrewd and beguiling tactics of the mortgage companies to create as much wealth as possible while business was thriving, I still don't necessarily blame them for doing whatever they could to increase the bottom line. That's the American way. It's why our toy companies buy toys made in China laced with lead paint and chemicals proven to harm our children and continue to do so. It's about the bottom line. Do I agree with that? Never. I will repeat, never. But it's what business does in America, so why malign the mortgage companies for doing what all big business in America does?

So, the herds and herds of sheep that lined up for the adjustable mortgage slaughter and cannot now pay their adjusted mortgage payment get to call their lender and complain about the unfairness of life in the mortgage world. To make up for their stupidity, the few of us who actually know when to sign on the dotted line and when not to, will somehow be financially penalized (as we always are) to make up for their "got to have it now" mentality.

I don't know if this re-adjustment back to the smaller rate will hurt the mortgage companies. Their exorbitant profits in the good old years should have provided plenty to see them through the leaner years. But then again we're talking about Americans; individuals and business owners who spend every cent they have, and more that they don't have, in good times, and cry the blues when the cycle shiftswhich, by the way, it always does.

Learn more about this author, Sandy Tuz.
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