Monday, December 3, 2007

Candidate Huckabee on the... (Mortgage Industry)

If I were to vote for a Republican, which would be a far cry from possible to begin with, my support wouldn't be for Mike Huckabee. Ironically, it wouldn't have anything to do with religion. It's the mortgage issue.

Now, he says in response to a question about how we can help solve this mortage/foreclosure situation - solution isn't to "bail out" anyone. I agree. That shouldn't be. But he says "the market will correct itself." So, therefore we don't need any more regulation. Top that point with not helping "bail anyone out," and his suggestion to support President Bush's move to prolong terms so people can pay their own mortgages by refinancing. He tries to push this whole thing off on the idea that "people who go through painless foreclosures weren't smart about their decisions and it's not anyone else's fault." You know - give the guy without a job more time to not have the money to pay off his mortgage. It's the welfare argument - "you, responsible, mortgage-paying homeowner shouldn't have to pay for your own house and the one owned by the guy down the street who bought a too big house and couldn't afford it.

"Are you kidding? We need to make lenders educate homebuyers and at least do an honest job in selling mortgages and helping buyers understand the full real-world picture of taxes and what they can afford. Unfortunately, it's our job to do this. But most don't. And the lenders and builders have the flexibility to exploit that for more money in their own pockets. That's where the government must come in. Regulate this industry, so that if they deviate they get hit where it hurts - in the pocketbook. Educating homebuyers is a good thing all around, for communities, the economy, the builders and lenders who need future business.Huckabee, I feel you're off on this one. Can't say anything else about your campaign or views, but this one is just offbase. Maybe he doesn't understand the issue, and is only addressing the broad, overview question of "bailing out." Regardless, the response just makes me uneasy, and just doesn't cut it. Not close. Sorry, bud. You lose in my book on this one.

No comments: