Reply #4: Yes, but what about the millions of homeowners

[Yo_Mama]

Who really were qualified but ending up paying more for the home (often far more than they should have) and eventually being stuck underwater? Many of those buyers had invested considerable downpayments and have now taken a fearful loss.

Also, we never would have had the severe crash we did if we hadn't let this bubble erupt. Ultimately it is the homebuyers who often were wiped out. But people who were renters also got hit in this downturn due to the financial crash and the widespread loss of employment.

You can never build a stable economy on unstable lending. It always ends badly and it is always those at the bottom who end up being hurt the most.