"Sweeping bailout unlikely"

Be sure to read yesterday's LA Times front page article, Sweeping mortgage bailout unlikely. This is relieving news. Beginning and a highlight:

Borrowers, don't hold your breath for a bailout.

As mortgage delinquencies soar, many consumer advocates and political leaders are calling on government to help what may ultimately be millions of homeowners facing foreclosure.

But the modest federal and state aid proposals advanced so far suggest that most people struggling with onerous loan payments are unlikely to get government assistance. ...

One problem with even suggesting a broad-based rescue plan for homeowners who are underwater is that any bailout of borrowers also would be viewed as a bailout of their lenders — potentially including some lenders that allegedly preyed on home buyers during the housing boom.