Mr. Karl Deeter:

Its stated position is that it is mainly to protect the banks. The empirical evidence is that it protects the banks. My opening statement was that I do not believe people are idiots. They need a roof over their head, whether they rent or buy it they will have to face an overhead. One can have a loan that goes bad or rent that goes bad, one might be a local authority tenant who cannot afford it or live in a caravan and not afford it. Affordability is an issue no matter where one is. People get income and expenditure shocks. These things can happen to anyone in any position.

I know from talking to families who are trying to plan their lives if one comes in from on high to try to save them from their future selves they have two responses: why make us pay more, and we do not want your protection. If we are that intent on protecting them because they do not know better we should raise the age of legally buying a house to 30 or some other looper move.