Have we learned nothing?
Here we go again! As if we didn’t learn from past mistakes, with the stroke of a pen, a vast majority of people who have done things the right way will be forced to pay for those who have made specific choices that have put them in a poor position. Let’s be honest, nobody with below average credit doesn’t know why they do. It isn’t a surprise when they don’t pay back the money they owe or are late making payments. People have below average credit because of their actions. So why now is it the mortgage industry the ONLY industry that the government has chosen to reward bad behavior at the expense of those who have done as they were supposed to?
Have we not seen this story before? Remember the “mortgage meltdown”? It wasn’t that long ago the entire world suffered because standards were relaxed and those who should never have been able to borrow huge sums of money were just given loans, they would never be able to repay. So why are we going back to a failed belief? You have below average credit scores for a reason!
Now IF we wanted to assist those with below average credit, why not make below average credit people attend financial literacy classes and pass a test? Why not enroll them in a program that helps them create a budget and manage money over six months or a year to PROVE they understand how money and credit work? This new TAX on those who did nothing wrong may only lower payments on those with credit challenges by less than $50 a month. How does that get someone into a home? You didn’t target car loan rates? You didn’t target cell phone rates? You didn’t go after payday lenders, credit cards, or pay as you go places, streaming services? So why attack the mortgage industry? Don’t we already have many options for people to make that purchase?
First time home buyers are NOT the issue with the housing market. Mortgages aren’t the issue with the housing market. Supply and demand is the issue with the housing market. It isn’t the money or the programs or even the rates; it’s an issue that we have to many people chasing too few homes.
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