People who get home loans are welfare babies!

https://en. M. Wikipedia. Org/wiki/Mortgage_industry_of_the_United_States. The US "mortgage industry" is not a legitimate private business endeavor, It requires government assistance for it to work. Our commitment to promote home ownership is directly tied to our ever accumulating national debt. Home loans are not a risky investment, They're a BAD investment. It doesn't make sense for a private lender to tie up hundreds of thousands of dollars for thirty years, Only to get back chump change. Before the stock market crash in 1929, Banks were weary about home loans. Most home loans were 3 to 7 year loans, Which made it very difficult to fit the criteria to be qualified for a home loan. Back then, Homeowner loan recipients just paid the minimum balance in the hope that they could save up enough money to make the final payment which was a large sum because all the interest had accrued up till then. It was known as the "bullet payment". After the crash of '29 (which, One could argue was caused by a housing bubble), Privately owned banks ceased to lend for homeowners. In an effort to promote home ownership, The FDR administration created government programs to help private banks be competitive in the housing market (Finnie Mea, Fannie Mae, And Freddie Mac). This initiative was part of FDRs new deal, Or "alphabet soup" agenda. When you receive a home loan today, The federal government steps in and gives the bank the amount of your loan, So the bank will have the equity to continue making other loans, But they make the banks liable for delinquent loans. For the federal government to be able to raise the revenue to do that, They sell bonds. It's a common misconception to think that the US debt to China is caused by a trade deficit, But this is not true. Although we do have a trade deficit with China, This does not cause our ever accumulating national debt, It just means the US imports more goods than it exports. Our national debt to China, And any other foreign country, And our own federal government, Is in the form of bonds. Https://www. Thebalance. Com/u-s-debt-to-china-how-much-does-it-own-3306355. Our commitment to promote home ownership causes our national debt to increase. In 2007 the housing bubble burst and people with homeloans were "under water". This means that they were paying more for their monthly payments than what their house was worth. Jobs were lost all around the country which exacerbated the situation which in turn, Caused more people to become delinquent with their loans. It came to a point where the federal government had to begin to pardon people for not being able to make their payments. The housing crises was directly caused by our artificial housing market, And their is no garauntee that it won't happen again. It is my firm belief that their should be NO housing market. If privately owned banks don't want to make loans without government assistance, Than that's not my problem. If homeownership ceases to exist, Except for the those who can afford a home outright, Than so be it. I challenge my opponent to prove that the constitution guarantees homeloans for the middle class, Or middle class wanabees. The US is the only country on earth that subsidizes housing for the middle class. It has only proven to be a burden on taxpayers and has caused an economic meltdown (it's probably caused more than one economic meltdown). The homeloan initiatives started by the FDR administration actually causes housing prices to increase. The demand for homeownership goes up when more people are able to obtain a loan for a home. An increase in demand, Causes an increase in price. If the homeownership initiatives were cut from the budget and people were no longer able to get loans, The demand for homes would decrease, Which would cause a drastic drop in home prices. Cutting those programs would cause taxes to go down. It would also curb urban sprawl. As an American taxpayer, I consider the burden of homeloan subsidies to be even less ethical than welfare programs for the disabled because disabled citizens actually need government assistance, But nobody needs a house to survive, You can get by with an apartment like the rest of us! This is my opponents first debate on this site, And I thank him for accepting my debate as his first challenge. Good luck to you