Home ownership was the fig leaf for the rise in subprime lending. But that was really about cash-out refinancings, not buying homes.
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Democrats and Republicans have been very keen to make home ownership almost a national purpose.
I had begun to worry about the housing market back in 2003, when lenders first resurrected interest-only mortgages, loosening their credit standards to generate a greater volume of loans. Throughout 2004, I had watched as these mortgages were offered to more and more subprime borrowers - those with the weakest credit.
It's easy to underestimate the real cost of home ownership.
Homeowners who refinanced their mortgages took out cash and reduced their monthly payments at the same time. Much of the cash obtained by refinancing was spent on consumer durables, home improvements and the like.
Home ownership is the cornerstone of a strong community.
The biggest culprits in the housing fiasco came from the private sector, and more specifically from a mortgage industry that was out of control.
The most critical factor subduing the demand for housing is that home ownership is no longer seen as the great, long-term buildup in equity value it once was.
For many of us, owning a home signaled a passage into adulthood that coincided with the start of a career and family.
Subsidize... or lend.
The decline in home equity makes it more difficult for struggling homeowners to refinance and reduces the financial incentive of stressed borrowers to remain in their homes.
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