Aiding The Undeserving Homeowner

I was reading an interview with Barak Obama the other day in which he was talking about the major crises facing this country. He emphasized the the mortgage crisis, the danger of some people losing their homes. Most Americans are not as worried about losing their homes as he seems to think. Most of us either paid off our mortgages or are paying them now. And most Americans do not support the idea of our being taxed into the ground suit to subsidize people who never had any intention of paying for their houses or who got in their houses simply with the idea of flipping them and pulling out of the equity.

The LA Times said a month ago that most of the people who defaulted on their mortgages did so even before their subprime mortgage increased at all. And these people are complaining that they're losing their houses. In my view they never owned a house in the first place, not in any real sense. They didn't put down a down payment, they got a mortgage rate commensurate with their credit history (uniformly bad), the lied on their bank loan applications about their income and now they're complaining that they're losing their house.

If they were so worried about losing their houses why didn't they just pay the mortgage. I don't mean after it jumped. I'm taking paying it at the original rate. According to the LA Times, a majority never even bothered to do that.

People like these don't deserve government assistance, at least not with tax money taken from people who did make a down payment, who didn't lie in their loan application, and who faithfully made the payments every month. I don't see why good citizens such as these should be penalized to aid people who were just trying to game the system.