Letters to the Editor
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Moral Hazard Anyone?
There should be no bailout at the federal level. Borrowers who were victims of true mortgage fraud should pursue this through the legal system. If there are too many cases for the courts to handle on an individual level, then class action suits can be filed.
Otherwise, borrowers who were stupid, negligent or both should not be bailed out just because the market turned. Why should the federal government get in the business of providing insurance to borrowers against adverse market conditions? What happened to Caveat Emptor?
I guess I should have taken out a low-initial rate ARM too, since apparently if the shit really hits the fan you can always get the feds to bail you out.