Please tell me why I should feel bad about this:

Ralph Stover has good credit and a steady job.But he took out a risky interest-only first mortgage and a second mortgage to buy a new 1,900-square-foot condominium in 2003 with no money down. Now, the 52-year-old Columbus man is scared he could become another casualty in the ongoing housing meltdown.He paid $170,900 for his three-bedroom, three-bathroom unit near Polaris, but an appraisal he had done in April because he was thinking about refinancing showed it was worth $160,000. Other units are selling for $150,000 or less, he said.His first mortgage is going to reset to a higher interest rate early next year. That means his monthly payment will more than double and then float every six months based on national interest rates, he said. Locking into a fixed-rate mortgage would be even more expensive, costing him close to half his monthly income plus a hefty down payment and thousands of dollars in up-front points and fees.He’s beginning to think foreclosure might be the best of his bad options.

So Ralph has a good job and good credit and decides to buy more house than he can afford and get himself way in over his head and I am supposed to feel sorry for him? Upset that he can get help or a bailout? Pah-leese. How about he pay the price for making a foolish choice? Is that too much to ask?


Mitt Romney Goes Nuclear On Trump

You don’t have to be financially sophisticated to know that two mortgages one of which is interest only is a huge risk. He had to know he was rolling the dice and now he acts like he is innocent. I bought a house I could afford and locked in a good fixed rate mortgage. I did the right thing. Ralph didn’t and he shouldn’t get any help from taxpayers.