The advocates for a bailout for subprime borrowers (you know, the ones who start with “For the children… “) claim that the subprime lenders have been providing access to home ownership for first-time buyers. Therefore, in the sacred name of increasing home ownership, a bailout should be provided.

The facts simply do not support this. Emory Rushton, chief national bank examiner for the Office of Comptroller of the Currency, in his testimony before the Finance Committee, pointed out that Mortgage Bank Association figures revealed only 11 percent of subprime loans went to first-time buyers last year. The Center For Responsible Lending (CRL) says the record going back to 1998 is even worse; only 9 percent of subprime loans went to first-time buyers in the nine years through 2006.

Who is getting these loans? Speculators, fraudsters and over-consumers. These folks don’t deserve a bailout.