This is, again, the moral hazard writ large.
If you have a mortgage you can’t afford, you’re going to get relief. To every renter who has been responsible and waited and saved, you get nothing but more of your dream deferred. By artificially attempting to prop up housing prices, the market will not reset to it’s true value.
Waiting for home prices to become affordable again? Waiting for all the air to come out of the real estate bubble?
Obama’s got two words for you. T.S.
There is no incentive to do the right thing, and plenty to do wrong. That is the lesson of our time.