Many in the media are questioning the deal brokered between the administration and the mortgage bankers. The gist of the voluntary agreement is that on certain fixed ARM's borrowers who have remained current on payments (and meet other specific criteria) can request that their low fixed teaser rate remain fixed at their current levels for five additional years.

Appalling - the talk shows have been on fire with hosts and callers alike criticizing the government for intervening with the market. Why should the government bail out these irresponsible borrowers who signed the paperwork and took out the loans that they couldn't afford, they demand to know. Why should the burden fall on the government, the taxpayer to bail these irresponsible, ill informed homeowners out?

Key point - this is not a government bailout. This is a voluntary agreement by the mortgage companies to freeze interest rate increases. No taxpayer money is involved. I said, no taxpayer money is involved in this plan. My god - get it straight people! It's not like the Fed is lowering or raising interest rates or buying treasury bills. No one's placing a tariff on softwood timber from Canada. No one is printing more money or demanding that other countries eliminate tariffs on American made products. It's just a simple, very limited, agreement by the mortgage companies to try to restore confidence in the real estate market.

So please, get off your condescending high horse and stop questioning the logic of a government bail out. At least wait until it actually is a government bail out..........because it probably will be. And when that pisses you off - call the administration or the Fed & tell them to stop manipulating monetary policy. This is a free market for god sakes - stop lowering interest rates, let inflation run it's course.