The current mortgage crisis has again given the Bush administration an opportunity to pander to various interest groups and spend money not authorized in the Constitution.
Many homeowners have faced foreclosure as a result of financing with an adjustable-rate mortgage instead of a fixed rate. However, just like the stock market, there is risk involved -- especially if one's finances were maxed out to begin with. While I am certainly sympathetic to their plight, the government (i.e. taxpayers) bears no responsibility to rescue those who have made poor financial decisions.
The same is true for large corporations, such as Bear Stearns, who are now receiving taxpayer money. In lieu of a bailout, their senior management should be fired. The free market rewards smart business decisions; it must also provide accountability for bad ones.
Instead of constantly looking to the government for help, America needs a renewal of the rugged individualism and "can-do" spirit that made her such a great country in the first place.
CHRISTOPHER C. DOLL
Programs don't offer needed aid
M y wife and I went to one of the mortgage relief seminars. Now, we can afford our bills, but a crisis would kill us as we have very little savings.
We made the mistake of signing a contract of 7.25 percent for a first mortgage and 9.8 percent for a second mortgage.
Everyone was very nice at the seminar, then we met our mortgage representative. Once there (after much paperwork and effort) she proceeded to give us the least help possible. As soon as we sat down, her answer was to try the new federal programs -- Freddie Mac and FHA.
Well, we looked into Freddie Mac and FHA, and found out that they only offer loans up to 97 percent of the home's value. Now, if my home has lost 30 percent to 50 percent of its value since 2006, then just how in the heck are these programs going to help?
Maybe my wife and I should do what everyone else is doing and become mortgage walkers. We can be in a bigger, better, cheaper home next month!