Yet Another Government Problem

In May, the North Carolina State House will form a committee to solve a problem. Let's hope all they do is form the committee, because anything else will be bad, absolutely guaranteed.

Rep. Walter Church says

We want to see what can be done to help save people's homes

So what's the problem? "Too many" foreclosures. How many is too many? Don't worry, the government will tell you, since they know best. And what's the solution? Well, they're considering revoking the licenses of some of the 14,000 licensed loan sellers in NC.

So, where'd the problem come from? The government. It's the government, through loan guarantee programs, that encourages people who cannot afford houses to buy them. This is borne out by the fact that over 80% of the foreclosures were on loans of $150,000 or less.

But don't worry, even though it's a problem that individuals borrow more money than they can afford to pay, and the banks don't care because the government (taxpayers) will give them their loan money back upon default, instead of government STOPPING the activity that leads to the problem, government will attempt to "solve" the problem.

Being it's NC Democrats that are involved, look for the solution to be more spending. It's always their answer.

Posted by: Ogre at 10:09 AM | Comments (2) | Add Comment
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