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Bailout unfair use of funds

August 27, 2012
The Leader Herald

Billions of federal dollars are being handed out to states to help people who can't make the payments on home mortgages. In some states, it is being suggested government programs should be coupled with relief from banks to wipe out mortgage delinquencies.

Think of it: You haven't been able to make the monthly payments on your home because you bought more house than you could afford. Now, government may bail you out, leaving you free and clear.

That is appealing in states such as California, where about one in every 325 housing units is involved in foreclosure. The rate in Florida is one in 352, and the rate in Illinois is one in 385.

But some of the mortgage bailout money is coming from New York state. Here, the average foreclosure rate in July was one in every 2,630 housing units. Many people in this state were more responsible in buying homes. Our reward? Helping to bail out less conscientious borrowers and banks. Somehow, we don't think many people here think that's how our tax dollars should be put to work.



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