For someone who touts his business skills in the very first words of his campaign bio, it is a real struggle to figure how he comes up with some of the business deals that he wants to force on the rest of us. The ink isn’t even dry on the Big Solar bankruptcy filings in the US and Asia, and Bennet is already back at it. This time with a plan to further lever already overextended homeowners with so-called “green” improvements to their homes.
Under Bennet’s plan, borrowers who take out loans guaranteed by federal agencies (translation: American taxpayers) to purchase “green” homes, will be lent money with different, less stringent underwriting guidelines. To add some context to this, borrowers can currently get a FHA loan with a 3.5% down payment.
How much looser does Bennet want the rules to be? Just who benefits from a young family’s razor-thin 3.5% equity stake in their home? Aren’t we still digging out from a nationwide housing disaster created by the government’s reckless lending guidelines conceived under the guise of social engineering? If Bennet is looking for a last-ditch attempt to bail out a favored industry, we can hardly think of a more careless way to go about it.
American taxpayers are already billions in the hole because of bad loans to Bennet’s friends in the green energy industry. Now Bennet is looking to make taxpayer-guaranteed mortgages more risky in pursuit of phantom “green energy jobs.” There’s a good reason that you don’t see solar panels on every house – or almost any house – they are not economical. And changing mortgage underwriting guidelines will do nothing to change this obvious fact.
At least give Bennet points for being creative: merging the housing crisis with the government’s infamous green energy lending program is not a business combination that many would consider. Then again, perhaps there’s a reason for that.