So, what if you bought a home in 2005? You bought into the 'American Dream', took a bad loan, bought a home, and then realized what a colossal mistake you made, sold your home, and after early payment fees, you basically walked away with nothing.
Then what? You did the right thing in the end. You don't own a home anymore. Your credit looks bad and you couldn't buy a home now if you wanted. So...you rent...
You weren't part of the problem, but you're still part of the solution. Why then, would there be help for 'first time home buyers'... Isn't that kinda where we, as a nation, got into trouble in the first place? I keep hearing Obama talk about this. The reason purchasing a home is a 'good idea' is really for the tax credit we, as tax payers see, and the 'futures' the banks see. How about giving renters a 4% (or better) rent write off . Why are we punished?
Renters are shouldering the burden as much as anyone else, for the bad decisions of consumers and lenders, but we're not seeing anything but 'buy now, interest rates are low, etc..'. I remember hearing that in 2005, 2006, 2007..and then 'wait! the housing market is crashing and you, and all of your children, now owe money to the banks who wouldn't give you a good loan when you wanted one because they sold bad ones to your neighbors and the members of congress like to play fast and loose with the 'rules' of capitalism'...
This sucks. I'd rather pay a 50% tax rate and at least get health care.
-jaskel