I was listening to AM radio this morning (ha ha ha; no pun intended) and the reporter was talking about the upcoming anticipated vote on the new mortgage legislation to “fix” the current mortgage crisis. The reporter was speaking with a mortgage broker who essentially said that the legislation will be devastating to his business as it eliminates the “mortgage assistance” provision currently available. He was whining about how of the files on his desk, over half of them would be shut out of the home purchase market because they didn’t have the down payment. Apparently a typical Fannie Mae/Freddy Mac loan requires a 3% down payment. On a $200,000 house, that’s $6,000. This guy is whining about folks who can’t come up with $6,000 to buy a house? Are those folks really in a position to handle a house and all the responsibility that goes with it? Hmmm . . .buying a house when you don’t have the money, buying more house than you can afford—isn’t that how this mess started in the first place? When will the madness stop and how can the potential homeowner make better decisions instead of hoping the government will tell them the right thing to do?
—Lisa Stacholy, AIA, NCARB