Letters to the Editor

Re: 'Taxpayers shouldn't bail out homeowners' (Sept. 25)

Dear Editor:

Geffner's article is right on. A breath of fresh air and a voice of reason in an area where too many just want to throw money at an issue. Sooner or later people have to take responsibility for their own errors (and in many cases, greed). For the relatively small number who have been truly victimized, help should be forthcoming. But for all of those that wanted to speculate in real estate, real estate is like the stock market from which many of them had fled. Prices go up and prices go down. They are now faced with a "margin call." They gambled -- and lost.

I don't hear anyone saying we should bail out the gamblers from their losses in Atlantic City or Las Vegas; why should we bail them out of their real estate gamble/recklessness? To bail them out would send the wrong message to the many that didn't move to a bigger house or buy a house at all because they knew that ARMs meant the rate would adjust and they wouldn't be able to then afford their house down the road. Or those who didn't refinance into a 125 percent loan-to-value-ratio loan because they knew they wouldn't be able to move from their homes for a long time although it might be nice to have that new car, TV or whatever one would do with the extra cash.

A bailout says, "Hey, be happy! Don't worry! If you make a bad choice, Uncle Sam will always bail you out."

I agree with Ms. Geffner. The obvious cases of fraud should be pretty obvious.

Leon B. Perkinson
Appraiser

Dear Editor:

If these were the only words your article had to offer, they would be more than enough for me. I strongly believe that taxpayers shouldn't bail out homeowners who bit off more than they were able to chew.

I can assure you that most folks who did the stated-income loans in order to buy the biggest house in the new subdivision or those who shut down their consciences for the three or five years while the 80/20 adjusted were very much aware they were getting in way over their heads from the very start! I know there is plenty of blame to go around, but the consumer must take some responsibility!

Margie O'Campo de Castillo
ArizonaDreamRealty.net

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