Sub-Prime Mortgages

The article, House approves housing rescue plan, defying veto threat, in the Dallas Morning News, discusses a government plan to help people out of mortgage crises by providing cheaper government backed mortgages to half a million people, mostly in the worst suffering areas.
Bush has warned about vetoes, and a White House spokesman says that this type of legislation is bailing out lenders and speculators at the expense of tax-payers. Republicans argue the package rewards irresponsible lenders and borrowers at the expense of homeowners and renters who made better choices and are already struggling to pay their own expenses. However some Republicans have supported the plan despite their views due to the severity of the housing crisis in their states.
The Republican point of view that a tax-payer funded assistance plan is a bad idea makes a lot of sense to me. Undoubtedly businesses and irresponsible borrowers hold most of the responsibility in this. On the other hand minorities and people in many of the most suffering communities want to have homes, and when the economy in general makes it seem impossible for them to do so, it is understandable that they will take the risks they take. Because this affects the economy at large and economies of other countries, this legislation seems necessary right now. It does not seem like a valid long-term solution though, and more long-term goals of regulation and future prevention should be added in conjunction with these measures.