Save your pity

There will be a lot of angst published in the next months about poor homeowners who are losing their property to foreclosure. Out on the streets, they are. We have to save them--bail them out. Well, not so fast. In the first place, many of them took out loans with no money down and paid nothing on the principal while they lived there. That is called renting. When the homes value did not increase enough for them to refinance at the time the mortgage conditions were reset as described when the loan was taken out, they are in the position of giving back a house they paid nothing for and are now looking for a place to rent at monthly rates they can afford. In effect, the people who are portrayed so pitifully in the media have lost nothing.