Reducing mortgage deductions on a few spells class warfare. Joe Robson, chairman of the National Association of Home Builders (NAHB), said in an open letter to President Obama yesterday, “with the housing market still reeling from its worst downturn since the Great Depression, this is not the time to talk about raising taxes on home buyers and home owners. This proposal will increase the cost of housing for many middle-class families.” He goes on to say, “the notion of ‘robbing Peter to pay Paul’ just won’t work. Not when the stakes are so high with our economy.”
Just wanted you all to see my latest article, posted on TheStreet.com at http://www.thestreet.com/story/10462822/1/opinion-protect-your-money-buy-some-real-estate.html
Back to the Good Old Days…
Its January 2009, and the days of the 1% down, no dock, interest only, teaser rate mortgage is over. And for the millions of taxpayers, their children and grandchildren that will have to pay for the past absurdity, I say good riddance!
As I have written in the past, homeownership is not a right…it;s a privilege and one that should be earned. Giving away loans to people who will simply never be able to afford them is no different then Bernie Madoff’s ponzi scheme. In fact, the display we have seen in home lending over the past 5 years will end-up making Madoff’s scheme pale in comparison. Instead of $50 billion, risky home loans will end-up costing Americans more like $500 billion.