To the editor:

It becomes increasingly obvious that some folks out there are buying into the canard that our present housing debacle was caused by borrowers that “bought over their heads.” Those guys were apparently by-passed by what happened during the last few years.

The knowledgeables have confirmed that when the Bush Administration came in, the word went out to the regulators to lay off of their responsibility to oversee the financial industry. This gave free rein to the greedy and unscrupulous lenders and brokers to (sometimes unnecessarily) write sub-prime loans (most of which are still functioning “normally.”) And many of those loans contained undisclosed “small print” that increased interest rates to the point of unaffordability for many who may now be in the foreclosure pipeline. (Those sneaky lenders will not be publicly identified by the government because they are the only ones available/eligible to do the re-fi’s necessary for recovery.)

And both sides are now waiting till March, to see what the government is going to do for each, before firm offers are made towards fixed loans at lower rates of interest.

Of course, the economic recovery bill is not perfect, but the government is the only entity we own that is capable of taking the necessary steps forward towards the inevitable recovery.

I shouldn’t be surprised that some people who can’t interpret their Bibles will try to give economic advice.

Not the speculators who made their plans during the boom, that will ride out the current crisis in relative ease.

Finally, some folks fail to realize that unless this crucial situation is tackled forcefully and soon, there will be no future generation to worry about paying off the “loans.” (We aren’t going to worry about it, anyway!)

Wayne K. Hood

Cape Coral