Letters to the Editor
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Here, here, dawdler
It's a slap in the face to every responsible homeowner to bail out those who gambled irresponsibly. And from a practical point of view, the Democrats would alienate far more people than they would win over by adopting such a strategy. Fortunately for them, resisting a bailout option would also be the moral thing to do.
For those who whine, "Think of the drop in housing prices!!" I say, housing prices need to drop. It's called a natural market correction. It happens all the time, although this time it has been exacerbated by a lot of sleazy lenders and irresponsible homebuyers.
I also say, "Think of the future generations of would-be homeowners!" Do you honestly think anyone in the middle class and working class will be able to buy a home in many markets if prices don't correct to more rational levels? The only way a lot of our kids will have houses is if they become bankers themselves, or wait to occupy their parents' houses. It would be nice if cops, firefighgters, salespeople, bookkeepers, librarians, etc. could afford houses again, and that will never happen if the price of homes is artificially inflated. I refuse to support a bailout that aids the irresponsible at the expense of the deserving.
And by the way, very few people who are forced to sell their homes end up "on the street." That little piece of melodrama was clearly written by someone who's never worked with the homeless, who were driven there by a myriad of horrendous circumstances. These generally do not include gambling on ARMs.
Laws should be enacted to protect those who were genuine victims of mortgage fraud, as dawdler points out, and to prevent predatory lenders -- who even now are sending new "offers" to cash-strapped homeowners -- from continuing their sleazy practices. These laws should not bail out the irresponsible.