Bailout second mortgages and encourage more bad lending?

Editor,

Now comes the federal government with a new plan to bail folks out on SECOND mortgages (http://www.floridarealtors.org/NewsAndEvents/n4-042809.cfm). What we have here is a way to encourage folks to act irresponsibly for future loan commitments.

Many of the folks with second loans took them out to use their equity, TAX FREE so they could go on a spending spree, OR they borrowed more house than they could afford by using two loans rather than make an actual downpayment.

The federal government is now giving these adults the ability to wriggle out of commitments they made knowingly, and to pay nothing for the consequences of their own actions.

When will this country go back to being one of individuals held accountable for their actions? We are turning into a nanny nation that many citizens will depend on indefinitely because they are not held accountable for their personal decisions.

Richard T. “Dick” Fryer
Southern Style Real Estate
Orlando

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