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Politics : View from the Center and Left

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To: JohnM who wrote (40878)	9/2/2007 9:36:49 AM
From: Dale Baker	Read Replies (2) of 541805

If banks can't resell mortgages then the marginal families about to lose their overpriced homes never would have received the loans that let them walk in the front door. That's the problem; economically they shouldn't be there and financially they have no way to stay there unless their mistake or their victimization is paid off by Uncle Sam. Bush's plan only touches on a fraction of the people involved. The rest will be swept out and back into housing they can afford. I fully agree the system should be more regulated to make sure this doesn't happen again. But the $900,000 bubble house bought by the couple with the $100,000 income needs to be foreclosed and resold at $650,000 where it belongs, and that couple needs to move into a rental they can afford while they save for a down payment on the more modest home they will buy one day. That's how the system used to work, and should again.

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