In another example of how increased government intervention is not needed in the mortgage lending market, the News & Observer has a story today about how credit unions are stepping up and helping their members refinance adjustable rate mortgages. Voluntarily.
But note this quote from one of the "victims" of those dastardly mortgage brokers.
"I probably should have asked more questions," Evans said. "I learned: Don’t be in a rush when you are making major decisions."
Nobody forced her to decide to purchase a home. Nobody forced her to sign the loan papers from whoever wrote her mortgage.
I’m not saying that there weren’t some rogue lenders out there taking advantage of people, there were. But the core crux of this whole "crisis" is that many people who had no business owning a home were buying homes. There is nothing wrong with renting.
But the tax code thinks so, and gives advantages to those who purchase a home, whether that is the correct option for them or not. But, we all know tax loopholes are "vital to our economy." Right, Rudy?