February 24, 2009

MEGAN MCARDLE ON MORTGAGE RELIEF AND THE RENTER/OWNER DIVIDE: “I think that most of the people supporting the mortgage plan really do feel like falling home prices is an obvious catastrophe. I also think that most of them own homes. Because, of course, if prices stay high, where is the money coming from to support them? Well, from people like me, who do not currently have a home to sell, but would like to acquire one in the not-terribly distant future. Keeping people and banks from selling at a loss requires that I buy a house which is overpriced.” There’s already an Angry Renter website, but this underscores an important point: Government “help” for one group is almost always at the expense of another. Politicians try to disguise that, but it’s the reality. Note, too, that the foreclosure “crisis” is largely confined to five states.

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