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Subpar idea on sub-prime loans

September 05, 2007

Re "Bailout? No way," Opinion, Sept. 4

President Bush's recently announced plan amounts to nothing more than a bailout to irresponsible borrowers. It is very unfair to responsible renters who felt that buying a home at such high prices would make paying off the mortgage highly unlikely. Many renters chose not to take out risky adjustable-rate mortgages, knowing they would default when teaser rates adjusted upward. To these responsible people who rented instead of buying a house, any government assistance to irresponsible borrowers is a slap in the face. The hyperinflation of home prices was created in large part by these irresponsible borrowers, who made it more difficult for young people to buy a home. Nobody forced these borrowers to buy a house and take out a mortgage they could not repay, so why is the government willing to spend taxpayer money to bail them out?

Sean Jones

Hawthorne

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