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How to Build a House of Cards
This newer Ashburn home went into foreclosure this year. (By Michael Temchine For The Washington Post)
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Who's Blogging  |
· Fannie and Freddie, which encouraged high-risk loans?
· Lenders who loaned money to unqualified borrowers?
· Homeowners who borrowed money they couldn't pay back?
These folks can play in the free market, but they are responsible for decisions that cause them to lose. Losing might mean going out of business (lender) or getting evicted from your home (borrower). So be it. Mortgages carry risks. Congress sends the wrong message with the bailout.
The federal government should not buy foreclosed homes. It would be better to eliminate the capital gains tax and let a motivated private sector invest in these assets. Free markets reward and punish, which is how they self-correct, which is why they work.
-- Bob Scherer
Ashburn
![[slate.com logo]](http://media.washingtonpost.com/wp-dyn/content/graphic/2007/09/27/GR2007092701096.GIF)
