Edward Pinto's "Saving More Homes for the Same Money" (op-ed, Dec. 7) is impressive for its sheer number of economically damaging suggestions.
I take exception to the implication that there is some sort of entitlement to home ownership. Anyone purchasing an asset (including a home) that he hopes might appreciate is speculating. This is particularly true when the asset is purchased with leverage and the loan is nonrecourse. Why should the public be forced to subsidize these losses?
Further, it is baffling that the same lax credit policies that helped create the mortgage meltdown are now being urged on lenders, via the new loan modification programs, to help fix the problem.
Artificially propping up home prices by using taxpayer funds to reduce principal prevents the system from correcting for past bad investments, and it is unfair to the entire class of people who either do not currently own a home or who otherwise acted prudently in not borrowing more than they could afford.
It's time we put a stop to this immoral redistribution of wealth and socialization of investment losses (of both homeowners and lenders). If you made a bet and lost, take responsibility for your actions and your commitments.
Daniel Duane
Portland, Ore.
Keith Burgess-Jackson, J.D., Ph.D. 