After a series of meetings with top banking executives, Treasury Department officials said they want lenders to modify 500,0000 mortgages by Nov. 1. Since the program, known as Making Home Affordable, began in March, it has recorded about 200,000 loan modifications.
Every time I see a story about the government interfering in the mortgage market on behalf of homeowners I think: what about the renters? If you rent a home or apartment and lose your job, or have other major financial difficulties, that's just too bad. If you can't pay the rent, you'll be out the door looking for a cheaper place -- assuming you can find someone to rent to you after being delinquent on your previous rent, and probably having a bad credit rating.
I'm actually surprised that the government's blatant favoritism toward homeowners hasn't become a political issue. I'm not advocating government intervention to help renters, but why are government handouts to homeowners -- many of whom have greater resources than most renters -- ok, when renters are left to fend for themselves?
