Mortgage Meltdown

[W brad]

This was basically gambling, on the part of the company and on the part of the homeowner who was over their head. Gambling on the home value going up higher than the purchase price to cover an otherwise risky financing.

The worse thing we could do would be to bail out these gamblers. To do so would make make it something of a freeroll for them, and encourage others to do it again in the future.

No government funded freerolls please.