I Need to Not Read Newspapers

In this subprime meltdown, we totally have to feel the pain of the lenders ("predatory," so you say) who were so so abused in this whole process.

The troubles arose because banks and finance firms offered mortgages to millions of people who, despite their imperfect credit histories, yearned to buy homes. The loans generally start out with a low interest rate that, after a couple of years, rises substantially. Some home buyers now discover that the reset payments are more than they can handle. On top of that, falling real estate prices mean some can't recoup by selling, because the home is now worth less than the mortgage.

This spectacle has brought forth recriminations from politicians who picture the lenders as James Bond villains, cackling at the chance to toss hard-working families out on the street. In fact, this course is almost as bad a deal for lenders as it is for borrowers. They typically lose up to half the value of the mortgage on foreclosures.

Those poor lenders, helplessly exploited by those greedy, stupid people, who with the power of yearning, were able to secure precarious loans.

It's true that if lenders have committed fraud with phony information about their loans, they deserve to be separated from their ill-gotten gains. At the same time, honest ones shouldn't be punished for offering creative terms just because the loans sometimes go bad.

Punishment for creativity is indeed unfair. If only people appreciated true innovation, we wouldn't have any of this hand-wringing for borrowers, living on the streets as they may end up doing. Priorities, people.