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Who pays for the foreclosure mess?

August 02, 2008

Re "Congress tosses a life preserver to housing market," July 27

As the media and politicians lament the plight of those caught up in the foreclosure mess, who speaks for the working stiffs funding the bailout? Those of us who did not pocket billions of dollars in fees making time-bomb loans and then selling them off as safe investments. Those of us who wanted a nicer house but, being responsible adults, did not buy one we could not afford when someone offered us a kamikaze mortgage.

If for the good of the country, we must preserve the institutions involved using public money, so be it. But find a way to do it without insulting the people paying for it.

Why let irresponsible borrowers keep those nicer houses they should never have bought in the first place? Why let lenders keep their ill-gotten fees?

By so doing, we tacitly condone their actions and encourage more of the same. It amounts to retroactively subsidizing their profligacy and malfeasance with our hard-earned nickels.

Nicholas La Terza

Calabasas

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