Q&A: Responding to mortgage meltdown

Innocent victims of tough times

I am a brand-new mother to a now 5-month-old daughter. I lost my job at 6 months pregnant due to this mortgage meltdown. My husband and I have struggled from that point, surviving on one income and our savings. We fell behind on our mortgage payments because of my job loss and are now facing foreclosure.

It's extremely scary to know our new family may not have a home. We don't have a subprime loan or an adjustable rate like most in this mess. We took what we thought was the responsible route and an honest loan fixed rate on an A+ paper. I think the government should help out homeowners who took out honest loans, not ones they couldn't afford to begin with.

JULIE JONES

Fresno

Spread the pain

When is it the responsibility of the public to bail out greedy people? If the people who ran the companies had all their assets frozen to help pay these costs, I would be much more understanding. The mortgage brokers, CEOs and all others involved should have to fear the same things that the people losing their homes feel. Freeze the bank accounts, houses, cars, whatever.

JOHN ARCHBOLD

West Hills

On bubbles and brewskis

As a retired bank manager, I witnessed many people applying for home loans for which they just

didn't qualify. So they did what so many others did: went to a mortgage company that gave them the loan they couldn't afford.

Too many people have champagne appetites with a beer budget. Get a clue: If you can't afford the mortgage, then you sure won't be able to afford the upkeep.

TERRI GLASER

Simi Valley

Resignations, regulations

All Fed governors, including Mr. Bernanke, should resign and his predecessor should be investigated by a special prosecutor for his part in reducing interest rates to dangerously low levels. Members of Congress, who pressured lenders to make loans to unqualified people, should also resign. And Congress should enact a banking law that requires that all mortgages be issued only by real banks.

Freddie Mac and Fannie Mae should be allowed to survive or fail based on accepted accounting principles. A strong dollar, tightened interest rates, good policing and less exporting of labor will solve the problem.

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