Sam Zell: Government Programs Prevent Housing Recovery

MoneyNews tells Sam Zell, CEO of Equity Lifestyle Properties says if the government had not stepped in to try and solve the housing market problems we would have a healthy market today. He says government intervention prevented the market from clearing itself. “We are the only country in the world where you can borrow money on a house and walk away from it. Everywhere else, all the people in Europe, all the people who borrow money in Brazil, they’re all personally liable for 100 percent of the debt. So by virtue of not being personally liable, we’ve created a giant moral hazard,” Zell says. Equity Lifestyle Properties is the largest MHC operator in North America with over 134,000 homesites.

(Photo credit: Wall Street Journal–Sam Zell photo)


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