“Predatory Politics” (November 27) illustrates a fundamental shortcoming in current and proposed anti-predatory lending laws: They hurt the people they were designed to protect.
Sub-prime loans exist to provide an option to low-income families seeking home ownership. The current mortgage crisis will not be solved by adding new regulations and cumbersome rules to an already-complicated process. The right to own a home is a fundamental right that should be protected, not infringed.
The current state of the mortgage industry is best solved by allowing the housing market to adjust and correct itself. Many of the most egregious sub-prime lenders have already been pushed out of the market as a result of their irresponsible lending. Let the healing process take its course!
Matthew Glans ([email protected]) is a legislative specialist for The Heartland Institute.