Subprime mortgage meltdown bail out more brilliance

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New York Senator Charles Schummer wants to toss $300 million of tax payer money at non-profit groups that help home owners delinquent on their subprime mortgage renegotiate the terms of their mortgage or find new financing.

I cannot support anything that makes taxpayers pay for the greed of the huge Wall Street firms and mortgage companies that made absurd profits from the subprime market. I say make those same firms bear the burden of helping these people. Make those firms take aggressive work out loan modifications and have to staff up to support mandated work out guidelines. Losing profits is exactly what those companies deserve.

I further cannot support anything that makes taxpayers pay for the financial irresponsibility of those who were unable to stop using their homes as ATMs. The financially responsible should not have to prop up the irresponsible. Sorry if it sounds harsh, but if you were pulling cash out of your home every two years to redo the kitchen or buy the Escalade I can’t really feel sorry for you.

I do believe that the government should ensure that the firms who engaged in predatory lending (from the biggest firms to the smallest brokers) are prosecuted fully under the existing laws. I do believe that the government should mandate a minimum level of loan modification requirements based on certain criteria to ensure that people who were victims of ~~bad~~ blown mortgages receive the help they deserve.

When the government stops bailing everyone out is when we’ll start to see some responsibility from the parties involved – at least one can hope.

The Matrix and Rancid Truth sound off as well.