Why bailouts are a socialist slippery slope

From Bloomberg: Senators Ask Fannie, Freddie to Freeze Foreclosures

U.S. Senate Banking Committee members urged Fannie Mae and Freddie Mac, the mortgage lenders placed under federal control this week, to freeze foreclosures on loans in their portfolios for at least 90 days.

Anybody else a little peeved at the notion that your hard earned money might go to people living an extra 90 days in a house for free? The majority of people who are in homes that are foreclosing will not be able to work out modifications. The main reason they are in foreclosure is because they couldn't afford the home under normal loan standards in the first place. Now that the initial discounted payments are over, they are stuck or can't afford the loan. Only an increase in income can fix that problem. UNLESS, the government decides to give a haircut to the loan balance in the modification. Each haircut would come directly out of the pocket of a tax payer for the sole purpose of bailing out a homeowner. Nice sign to send to all the renters out there who are doing the right thing by saving up for a house they can afford. That's only 50% of the citizens in this country thank you very much.

Baaaack in the U S S R...you don't know how lucky you aren't boy.