Mortgage Bailout Now Covers 2d Mortgage

In the Washington Post today. Second mortgages serve two purposes: First, they help people buy the house in the first place when they can't qualify for a big-enough first. By definition, therefore, these borrowers bought more house than they could afford and acted irresponsibly. Second, the house becomes a big ATM for people to buy a cool new car; a boat they use twice a year; a lovely vacation in the Islands; or a snazzy new kitchen with granite, a Sub-Zero and a Viking range - things they could not really afford in the first place, but wanted anyway. Under the Administration's plan, these irresponsible people get bailed out by people who were responsible and didn't do those things.

Bailing out first mortgages was bad enough. Bailing out seconds is a travesty of justice. It's just not fair.

That, or I'm just a moron for not spending all of your money on neat stuff for me.