Argh. Hillary and the President both want bailouts for bad sub-prime mortgages. These two columns do a great job of explaining why it's a bad idea (and I agree 100% with both of them).
It's really an issue of fairness for me. I didn't buy more house than I could afford by getting a goofy teaser-rate mortgage. I got a 30-year fixed and try to live within my means. I feel absolutely no pity for anyone who didn't do the same. It's the only way you could afford a house (buy getting one of these silly mortgages)? TS, you should have continued to rent. You wanted buy a fancy house or condo in a super neighborhood and could only do so with a silly mortgage? TS again, you should have gotten a smaller house or moved to a crappier neighborhood.
People need to live with the consequences of their actions. In this case, a bailout not only puts that off (which is bad enough), but it continues to distort the housing market. If you want to buy a house but don't like the sky-high prices you now face, then you should not be a supporter of these plans.
UPDATE: More from Seth Jayson at The Motley Fool.
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