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Why Should Taxpayers Bail Out Claudio Fernandez Of Deltona, Florida?

January 30, 2012

I have never been able to rationalize why the bad decisions of some home buyers like that described below should be the burden of the American taxpayer.    Too many people made really bad housing purchases based on greed, and now want the taxpayer to bail them out in one fashion or another.  I just have a very hard time understanding how that is a wise or prudent thing to do.

Over and over I have been a strong advocate of government intervention and regulation to smooth out inequalities, and remove injustices.  By so doing it allows for society to make progress, and the economy to grow. 

I was a strong supporter of  TARP which allowed for the banking system to not implode, and further damage the national economy. 

While I have sympathy for those who were suckered into bad housing deals, I also am aware from reading and watching that greed on the part of many buyers is a major factor for many of the cases that we hear about.  As a result, I just do not have the stomach for bailing out those who made bad choices—as in the case below where Claudio Fernandez bought TWO houses.

Why not half a dozen?

So the question has to be asked directly to Claudio Fernandez.  Why does the American taxpayer owe you anything for the decisions you made?

Mr. Fernandez thought he had secured a piece of the American dream for his two kids when he bought a pair of homes here in 2006 that he planned to rent out and eventually pass on to them. Then the housing market tanked, some of his renters lost their jobs and he had to tap his savings to cover his losses.

After two years of maddening negotiations with lenders, Mr. Fernandez says, he is about to lose one home in a short sale—in which the price is less than the money owed on the property—and is still trying to modify the loan on the second. In the process, he says he has lost nearly $50,000, taken on more debt and trashed his credit rating.

Though he mainly blames the banks and himself, he fumes at political leaders, too. “They bailed out business and Wall Street” but “failed to bail out the American citizen,” says Mr. Fernandez, a 43-year-old Republican who voted for President Barack Obama in 2008. Looking to November, he says, “if it’s the current field—Obama and these clowns in the Republican party—I’d rather not vote.” He has no plans to cast a ballot in Florida’s Republican primary on Tuesday

One Comment
  1. January 30, 2012 4:58 PM

    One question. Did anyone force him to sign the mortgage documents? No, then you lose buddy.

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