04/05/2009 05:12 am ET Updated May 25, 2011

Editorial: Obama's Housing Plan "Won't Fix The Problem"

TO stanch the hemorrhage of foreclosures, we don't need another bailout. What we need is a fix -- and the wisdom to see what is in our own self-interest.

An avalanche of foreclosures is coming -- as many as eight million in the next several years. The plan announced by the White House will not stop foreclosures because it concentrates on reducing interest payments, not reducing principal for those who owe more than their homes are worth. The plan wastes taxpayer money and won't fix the problem.

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