Truthout: The homeownership idealogues

There is plenty of blame to assign when it comes to the mortgage mess.

In an editorial in Truthout, Dean Baker adds another culprit to the list - the homeownership ideologues.

These are the people who insist that homeownership is the ultimate goal of life itself, continuing to promote homeownership in an artificially inflated market even when it was becoming clear that buying a home would be financially detrimental for some.

After factoring in the mortgage, property taxes, and insurance and maintenance costs, many low- to moderate-income ended up paying 80 to 125 percent more in housing costs than they would have paid as renters.

But they were building equity, right?

Wrong.

House prices could not rise indefinitely, and, when the markets collapsed, any equity gained was lost - and many lost their shelter to boot.

Yet the homeownership ideologues continue to press for more federal help, which will likely do a better job of enriching lenders than helping those who have lost their homes.

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