Subprime mortgage "crisis"

The mortgage foreclosure "crisis" is one of those national stories that bypasses West Virginia because it just hasn't affected us here. Kind of like illegal immigration. Whatever happened to that issue, anyway?

Today I received an e-mail from the Heritage Foundation that included a link to a map showing states with the highest percentages of subprime mortgages in foreclosure. Those states include Ohio, Florida, California, Illinois, Massachusetts, Michigan and Minnesota. Now I see why it's such a "crisis." There are a lot of electoral votes to be rescued in those states, eh?

I do not pretend to be an expert on subprime mortgages. I do not pretend to be an expert on money management except that I know it is better to save for something than to borrow for it. Not that I can always do that, but I know it's better.

I'll let you folks decide whether you want to listen to the Heritage Foundation's advice on this "crisis." Here are some groups of people the foundation says the government should not give assistance to during this "crisis":

Borrowers who lied or made a major misrepresentation on mortgage applications.

Borrowers who didn’t spend their own money for a down payment or use the home as a principal residence.

Members of the mortgage industry, including speculators, owners of second or vacation homes, Realtors, home builders, mortgage brokers or bankers.

Homeowners with other assets for repaying the mortgage, equity lines of credit or refinancing that substantially reduced equity.

Sounds good to me, but as I said, I'm nowhere near an expert on this story. I myself think the government should stay out of it as much as possible. The market should be able to take care of itself. A lot of these people -- borrowers and lenders -- made bad decisions. I don't know why I have to rescue them when they're not that interested in rescuing me from problems of my own making, you know?