Tuesday, October 19, 2010

The Government Housing Subsidies Are Screwing Families And Homeowners, Says Peter Schiff

Artificially pumping up house prices is not doing underwater homeowners any favors, Peter Schiff says. The problem is that, thanks to the crazy mortgages of the bubble years, today's homeowners were often able to buy houses they can't afford. And now these houses are millstones around their owners' necks.

Keeping house prices artificially high is also hurting new homebuyers, Schiff points out -- by making it more expensive to buy (and forcing people to borrow more money to do it). In many cases, this punishes responsible people who have been saving up money to buy a house and rewards those who spent beyond their means.
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