What happened to personal responsibility?

Please tell me why I should feel bad about this:

Ralph Stover has good credit and a steady job.But he took out a risky interest-only first mortgage and a second mortgage to buy a new 1,900-square-foot condominium in 2003 with no money down. Now, the 52-year-old Columbus man is scared he could become another casualty in the ongoing housing meltdown.He paid $170,900 for his three-bedroom, three-bathroom unit near Polaris, but an appraisal he had done in April because he was thinking about refinancing showed it was worth $160,000. Other units are selling for $150,000 or less, he said.His first mortgage is going to reset to a higher interest rate early next year. That means his monthly payment will more than double and then float every six months based on national interest rates, he said. Locking into a fixed-rate mortgage would be even more expensive, costing him close to half his monthly income plus a hefty down payment and thousands of dollars in up-front points and fees.He’s beginning to think foreclosure might be the best of his bad options.

So Ralph has a good job and good credit and decides to buy more house than he can afford and get himself way in over his head and I am supposed to feel sorry for him? Upset that he can get help or a bailout? Pah-leese. How about he pay the price for making a foolish choice? Is that too much to ask?

You don’t have to be financially sophisticated to know that two mortgages one of which is interest only is a huge risk. He had to know he was rolling the dice and now he acts like he is innocent. I bought a house I could afford and locked in a good fixed rate mortgage. I did the right thing. Ralph didn’t and he shouldn’t get any help from taxpayers.