Letter: Feeling foolish for paying mortgage

That's great that a settlement was reached with the banks for those behind on their mortgage payments ["Bank deal a small sign of hope for LI," Editorial, Feb. 10], but what about those of us struggling to meet the payments who haven't fallen behind?

Our property values have dropped, we can't sell unless we come up with the money to pay off the mortgage, and the federal Home Affordable Refinance Program is useless for refinancing to a lower rate, since it's completely voluntary on the part of the banks. Why should they refinance and earn less interest off us if they don't have to?

Bank analyst Dick Bove summed it up best when he said there is no sanctity of contracts in the United States: "Only fools meet their financial commitments."

Andy Bonomo, East Meadow