Tuesday, July 08, 2008 | 11:34 p.m.

Few Cheers for Mortgage Bailout

by Froma Harrop

The woman choking up on "Lou Dobbs Tonight" is about to lose her home. Heather DiStefano said that she and her husband can't hack monthly mortgage payments that have nearly tripled in three years to $3,100 from $1,300. And with falling house prices, they owe more on their Worcester, Mass., home than it's worth.

Then you learn that the couple had bought the $306,000 house on a household income of only $79,000. You see that it is big, and wince at the heating costs. And you not ...

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1 Comments | Post Comment
Posted by: John Gorman
Comment: #1
Thu Mar 6, 2008 11:25 AM

Great piece on taxpayer-paid bailout. The one thing most people miss is that the individuals getting forecloused on are not poverty stricken. They still have jobs, new cars(leased) credit cards and such. This is not the end of the world. Let them move to a smaller residence like a 1600 sq foot home to keep the rain off their heads. These big spenders with other peoples money must think they are so very special that someone must bail them out. Moving to a less expensive place is not a real problem--except in their heads. The banks and brokers who made all the fees and bonuses should hold the bag on this "crises". Unfortunatly the unwary who bought the bundled mortgage backed securities will be eating the red ink on this one. Let the market that created this bubble take the pounding and keep the tax payer out of it. It does not seem the careful individual who avoids financial trouble is rewarded---their now being dragged into it by polititions looking for votes.. The credit card lobby OWNS the Washington crowd so we pay Organized Crime usuary rates of over 30% and more on simple credit cards. US is one big Company store. Work to pay of debits created by banks and their stooges.

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Tuesday, July 08, 2008 | 11:34 p.m.
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