Via PocketFullOfLiberty:
President Obama gave a speech in Phoenix, Arizona earlier this week regarding the housing market, which has been rebounding lately.
The fear, however, is that rising interest rates will crush the recovery. The tone of the speech, per usual, is one of a typical campaign speech: “Ideas,” partisan jabs, and little substance. Obama outlines five ideas to “fix” what’s gone wrong with the housing market, and another four to “prevent” another housing crisis
It takes two to tango–or refinance–Mr. President. If banks aren’t offering lower rates to a homeowner, it’s because (1) they’re not credit-worthy; or (2) they’re underwater. A law forcing banks to lower rates on underwater properties is fundamentally unfair and constitutes a seizure of the private property of a lender.