America’s Mortgages

If Nebaska hasn't caused or been affected by the financial crisis as much as other parts of the nation, why are we having to help fork over the money for the bailout?

Buying a home is one of the biggest investments someone will make in their lifetime.

However, excessive lending to risky people has led to a crisis in many areas, that crisis is now something that's affecting all of our wallets.

Foreclosure is a common thing in states like Nevada, Arizona, and California but here in Nebraska it's quite the opposite problem.

It's estimated 1 out of every 91 homes in Nevada are foreclosed, in California its 1 out of every 130 but here at home its only 1 out of every 2,013.  So many are wondering why do we have to help foot the bill when we didn't cause the problem?

Dr. Gordon Karels, a UNL professor says the bailout may not be popular but it's needed and the entire country has to act as a unit, that's how national insurance works.  

But some aren't set on this idea.

Another option many have floated around is just letting the markets figure themselves out but that's something Karels says just won't work.

“The markets aren't figuring themselves out now this is not a rational market that we seem to be operating in and we hear the markets are locked up or they're being irrational clearly if that's the case there's lots of evidence to believe that the markets aren't going to figure themselves out certainly not in the way that's best for the country.”

Because the senate passed the bailout, the next step is how the house will vote on this measure on Friday. Earlier in the week they voted against the original version so it'll be a waiting game for many of us.