NY Times: White House Philosophy Stoked Mortgage Bonfire
Interesting to see it wasn’t just Democrats like Barney Frank responsible for “feel-good” policies related to loosening standards for home ownership. Sunday’s NY Times lead story covers the White House’s role in enabling more unqualified borrowers to buy houses.
Ultimately, there are a LOT of people to blame — from the executives @ Fannie Mae and Freddie Mac to the individuals who signed up for mortgages they couldn’t afford.
As harsh as it may sound the net-net on this is that while home ownership should be encouraged, there are certain people in society who shouldn’t buy a home — meaning, the gov’t shouldn’t bend over backwards to create special programs for EVERYONE — because they just aren’t capable of handling that much responsibility.