What does this story say about mortgage bailouts?
Nothing, that I can see. But it’s in The New York Times so it must be important, right? One striking figure: the cost of bailing out everyone who doesn’t want to or can’t (both classes are being lumped together in federal plans) pay their mortgages: $4 trillion. Now that sum would make even a Democrat sit up and take notice, if only for a moment.
Update: NPR, of all media outlets, just aired an interview with someone from “Inside Mortgage” (I think that’s the name) who expressed the heretical view that not everyone should own a home. He pointed out that someone who loses his house to foreclosure and then moves across the street to a rental for half his previous mortgage payment is probably better off. And, he asked, if someone can’t keep up with his mortgage, is there any reason to believe he can keep his roof and furnace maintained? As I say, heresey.