The agreement in the US Senate yesterday to create new bipartisan housing legislation reflects intensifying pressure in Congress to tackle the mortgage crisis. Financial Times
But opposition to government aid to homeowners has a broad base – pitting renters against homeowners, the young against the old and prudent savers against ambitious housing entrepreneurs.
Voices against aggressive housing legislation are coming particularly from areas that avoided a speculative property bubble. People in such areas feel they are being made to pay for mistakes committed in a relatively small group of boom-and-bust states such as California and Florida.