Wrong answer to mortgage problem

My heart goes out to would-be homeowners caught in the current sub-prime mortgage peril.

Yet, I find it more disturbing and an oxymoron that the economic rescue operations proposed by the president and Congress is for the Federal Housing Administration to loosen underwriting standards and extend insurance to sub-prime mortgages, which is the cause of our current economic problems; lax underwriting standards by banks and hedge funds originating sub-prime mortgages, fueling illusionary economic growth.

Adding to the conundrum is the recent cut in interest rates by the Federal Reserve, which only serves to pardon the piper.

Ken Busse

Wheaton