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Mortgage relief, other bailouts

March 01, 2009

Re: "Housing relief becomes a fence between neighbors," Feb. 20:

I find it very disturbing that a homeowner who refinances a home for remodeling and then again to send her child "back East" to college is looking for a bailout.

Basic budgeting is the path to homeownership, not the other way around.

A son who returns to a local California college, lives at home and gets a part-time job would be a more suitable bailout.

Gregory Derian

Los Angeles

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Harry Snegg appears to have missed the irony. He is opposed to any taxpayer-financed homeowner relief for his neighbors, saying, "I don't think I should have to pay for it."

Mr. Snegg seems blissfully unaware that when he had his firm file for bankruptcy and he lost his home to foreclosure in 1995, his neighbors helped pay for his mistakes.

Every mortgage that is issued, every credit card that is granted, charges greater interest so as to mitigate the losses these financial institutions suffered due to Mr. Snegg's inability to fully pay his debts.

Does he really think he got a free ride, that the banks don't pass those losses on to his neighbors?

Paul Jackson

Chatsworth

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