Mortgage Bailout

I agree completely with Michelle Malkin about the idea of a mortgage bailout. Boston home prices are sky high, and I attribute much of that to banks lending out too much money. It has fueled the speculative bubble. Banks even announced, to much fanfare, that they would begin granting mortgages to "undocumented workers." How can you justify the risk of granting a 30 year mortgage to someone who is not even in the country legally if not as speculation? Now it looks like the bubble is about to burst, and I and the rest of us renters are going to be "asked" to bail out those who acted irresponsibly and borrowed beyond their means. It's not enough to give folks a tax deduction on mortgage interest? They want to do away with the alternative minimum tax too, so they can get even more. Adding insult to injury, all this means that I'll be paying a higher than free market price for a house if I can ever afford one. How about we bail these people out, then tax their "windfall profits?"