Is this a bad thing?

Mark Spencer of Mesquite finds fault with Jeb Hensarling's efforts to privatize home mortgages. He quotes John Taylor of the National Community Reinvestment Coalition who said scrapping the government guarantee and increasing down payment requirements would make it more difficult for low-income people to get a mortgage. Uhhhhh - isn't the government guarantee and people who couldn't afford the mortgages the reason we found ourselves in a big old mess?? Isn't that the reason we all ended up paying for the woman who took out a $400,000 mortgage on her salary as a toll-taker on the turnpike?

Mr. Taylor says that Mr. Hensarling is "basically advocating for homeownership for the rich only." No, he's not. He's advocating for people to make good, common sense purchases. Mr. Essie May and I were by no means rich when we took out our first mortgage (in fact, we were downright poor!), but we saved a down payment, bought a small older house we could afford, and did it without any help from the government. We're still not rich, but we've managed to trade up on our equity through the years, and we now own our home free and clear.  

People don't need the government to buy their houses for them, Mr. Taylor. They need a sense of independence and responsibility. And you don't have to be rich to have that.

"Homes for the rich only." The Dallas Morning News; August 30, 2013; p. 18A.