Obama is using the economic crisis – you know, the one he has been ignoring for the last few years – to change course on home ownership. Now, they are going to stop encouraging people to own homes.
Now, this is a good thing when it comes to people who could not afford the home in the first place. Government should not be penalizing borrowers if the don’t lend to bad credit risks.
But that is not what I think is going on. That is the cover story.
It’s this simple: Home ownership creates Republicans. When you own your own home, you HATE paying taxes of all kinds. You hate property taxes, you hate the electricity taxes, the gas taxes, the school taxes and a million taxes that become visible when you have skin in the game.
Obama wants to avoid this active cadre of tax opponents. Socialism demands that we all live in similar grey cubicles, just as in the Soviet Union. That was the whole point of the Health care bill. We all get the same, no matter what we deserve or do. Same with housing. You are evil for consuming more by owning a house.
Responding to the collapse in home prices and the huge number of foreclosures, the Obama administration is pursuing an overhaul of government policy that could diverge from the emphasis on homeownership embraced by former administrations.
“In previous eras, we haven’t seen people question whether homeownership was the right decision. It was just assumed that’s where you want to go,” said Raphael Bostic, a senior official in the Department of Housing and Urban Development. “You’re not going to hear us say that.”
Bostic, who has published leading scholarship on homeownership…
Run away, screaming at the top of your lungs. When the Post says someone has “published leading scholarship” that means the person has zero experience in the real world. They have no idea how anything really works. And, the person is about to offer a leftist version of the world.
…added that owning a home has a lot of value, but “what we’ve seen in the last four years is that there really is an underside to homeownership.”
Wait for it:
The administration’s narrower view of who should own a home and what the government should to do to support them could have major implications for the economy as well as borrowers. Broadly, the administration may wind down some government backing for home loans, but increase the focus on affordable rentals.
Social engineering! Subsidies for inner city apartment builders and renters. Here come the Solar powered, green-certified grey cubicles for all, comrade.
The shift in approach could mean higher down payments and interest rates on loans, more barriers to lower-income people buying houses, and fewer homeowners overall, government officials said. But it could also pave the way for a more stable housing market, one with fewer taxpayer dollars on the line and less of a risk that homeowners will not be able to pay their mortgages.
In other words, Obama is going to cripple the construction industry. He is going to shift money away from those construction workers who do not vote for him, and towards others. He is going to purposely stifle the recovery.
This is Health Care style intervention for the housing market; and it will start destroying a formerly bustling industry.
Now the Obama administration is beginning to look for ways to gradually unwind the massive government programs supporting homeownership and restore the traditional role of the private sector.
No he’s not. He could not care less about the private sector. He is going to explain it in those terms, because he is devious as the day is long.
This administration is a disaster. They are the wrecking crew.