Taking the High 'Moral' Road

Published: Monday, November 3, 2008 5:16 PM PST

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After posting this Friday, I heard several perspectives this weekend on the federal plan to potentially modify mortgages for distressed homeowners. I picked a couple to share here.

One reader said he finds himself in the same situation as the homeowner in The New York Times story I highlighted. He used a conventional loan to buy a house three years ago:

Those of us that used risky products but are actually able to keep up with our payments are in the worst possible situation right now. ... Not only will we be stuck in these dead end loans while paying interest endlessly, we'll be paying taxes to support the bailout of others.

We're in a very difficult situation where honest homeowners who bought houses that they can afford are being asked to take the high "moral" road and continue paying gigantic interest payments on loans while those who acted irresponsibly are getting off with a bailout. It's totally outrageous and why the bailouts won't work in the long run. ...

Another reader offered this perspective:

I wonder how people like my sister feel about homeowner bailouts --- foreclosure proceedings have already gone through for them, and they lost their condo last month. Aren’t there quite a few people whom it would be too late to help at this point? I would feel bitter if people who came after me got more help than I did.

I know there are more perspectives out there. Join the conversation and send me an e-mail at kelly.bennett@voiceofsandiego.org.

-- KELLY BENNETT

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