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Mortgage proposal is irresponsible

December 09, 2007

I see that the government is working with lenders to keep people out of foreclosure by strong-arming the lenders to keep the interest rates artificially low. This is a farce. ("Washington's sub-prime fix expected," Dec. 3.)

These loans had teaser rates, and both the borrowers and the lenders knew it. Why should fiscally irresponsible people be bailed out? People like me who took out higher fixed-rate loans are being penalized by letting these teaser rates stay low. I don't feel sorry for the lenders either, as they certainly knew that these rates were below market.

In life, you always pay the piper in the end. It is time that people take responsibility for their actions and pay the piper!

Louis Brandt

North Hills

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