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To bail or not to bail? The federal government is mulling that very question right now in response to the ever-worsening mortgage meltdown. (Some states and municipalities, however, have already started their own bail-outs.) As many as two million homes are projected to go into foreclosure nationwide before this thing sputters out. And Bakersfield is at the front of the pack, predicted to have the second-highest foreclosure rate in the country on loans made in 2006. “Subprime” is the culprit. These are adjustable rate loans made to people whose credit wasn’t good enough to get regular loans. Subprimes could also be “interest only” loans, “zero down” or made on “stated income,” meaning you didn’t have to show a pay stub to prove what you earn. (Funny how people always hanker for the “good old days” when a person’s word was their bond. Stuff like this is probably why people in the “good...
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