Regarding “Help for Homeowners?” (Business, April 12):
So now the Senate is looking at ways to assist homeowners who were “sold mortgages they could not afford.” Ridiculous! Nobody forced these folks to buy anything. In many cases, borrowers with shaky credit lied about income to qualify for more expensive homes, driving prices ever higher. How does that merit a federal buyout?
Adjustable rate mortgages are inherently risky. People must take responsibility for their actions. There has never been a guarantee that home prices would rise forever. A predicted 2 percent to 3 percent decline is peanuts compared with the double-digit increases of the last five years.
I'm one American who balked at absurd home prices and instead worked diligently to build up a nest egg in anticipation of the eventual correction. The government should not be in the business of propping up inflated home prices.
BRENT McDONALDSan Diego
Union-Tribune link
