Mortgagers are not homeowners
We all like to be called homeowners (after that is the largest asset most middleclass people own) and there is always buzz about homeowners. And as the Times points out politicians happily exploited the myth for political gain.
The sad reality is that there is no word more misleading than homeowner. The only people who own homes are the ones that have no mortgage at all. It may not make sense from a personal finance standpoint for most of us, but as far as the legal issues are concerned, the bank is the homeowner till the last penny is paid. So all these so-called homeowners who created the current crisis should be held responsible for their stupid actions rather than bailed out.
“We can put light where there’s darkness, and hope where there’s despondency in this country. And part of it is working together as a nation to encourage folks to own their own home.” — President Bush, Oct. 15, 2002
