Friday, April 11, 2008

Mortgage Cheats

An April 9th article by Ernest Istook of The Heritage Foundation entitled "Will Your Tax Dollars Go To Mortgage Cheats?" is worth a read.

Brief excerpts:
"By some estimates, borrower fraud accounts for most of the mortgage crisis now troubling the nation. It was certainly abetted by dishonest brokers. But just as honest taxpayers should not be expected to bail out dishonest brokers, so they shouldn't be expected to bail out dishonest borrowers."

"Greater than the financial threat to America is the moral threat of a bailout. What's next? Paying off car loans for those who were 'seduced' by a glib salesman? How about those who bought a bigger TV or a more powerful stereo system than they could afford? Where will this practice end of treating dishonest or incautious consumers as victims?"