Mortgage Bailout Rewards Speculators, Destabilizes Housing Markets

In the Wall Street Journal, Holman Jenkins explains why mortgage bailout proposals would reward greedy and foolish borrowers and speculators in certain regions at taxpayer expense, while doing nothing to stabilize housing markets.  We earlier explained how Congressman Barney Frank’s mortgage bailout bill pays a disastrous ransom that will harm the economy and fleece taxpayers, and how it is based on ridiculous reasoning.  Such federal housing legislation also contains political pork for left-wing lobbying groups.