Dear Mr. President,
I see where you are considering a housing plan that would allow homeowners to stay in their over priced, ill financed homes, by allowing them to rent the home from the bank and hopefully buy the home back from the bank at some point in the future. I can certainly see and respect the motivations of your plan.
However, I am troubled by any plan which keeps homes off the market and delays or worse yet, forestalls any amelioration in home prices. As I am sure you have been told by your economic advisors, the disparity between personal incomes and home prices are at or near all time highs. So is the disparity between costs of renting and home ownership. Home price appreciation is vastly ahead of historical trends. I believe that it is essential to a healthy economy for these costs and prices to adhere to historical trends and be in relative equilibrium with respect to affordability. Past housing booms have been ended by a return to pre-boom pricing levels, adjusted for inflation. If these homes are not returned to the market there will be no end to the bubble and I, along with millions of others who did not make the mistake of taking a bad loan on an over priced home will forever be denied the American dream.
All of that said, I believe that your intentions are altruistic and I would understand if you felt it was essential to forsake the American dream of millions of savers who did not buy an over priced home with flim flam style loan, in order to save millions of people who made a bad investment on a home during the latter part of the bubble cycle. The only things I would ask for are these … First, an acknowledgement that renters like myself are being told to take one for the team. Second, since I watched you on TV, take an oath to uphold the Constitution, I would like an explanation as to why someone else’s pursuit of happiness is worth more to you than mine and that of other renters in this country.