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#2
Sat, March 7th, 2009, 01:26 PM
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The biggest problem, at least as I see it, with government intervention in mortgage rates is... well... government intervention. I just don't see how they could swing something like that and provide anything useful without lobbyists for the banks getting in the way.
The other problem is that while I would like to think that people would make smart use of the money they would save on interest, I just don't see that happening. It was irresponsible spending on both the part of the consumer and the banks that got us into this mess in the first place and I don't think giving people even more money to waste is really going to solve anything. It's not that I don't think some people would be smart with it, I just think that too many people would squander the opportunity on immediate gratification purchases.
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