QOTD: Bernanke on Homeownership

I hope he delivered this line, from his speech today at the Center for Financial Dignity in Atlanta, in the unflappable deadpan of a young Chevy Chase:

“One lesson of the past few years is that the desire to own a home is not enough.”

LOL, yes also a job would be good, and not lying on a mortgage application about assets, income and other debts.  Also, its helpful not to buy a million dollar 5 bedroom 3 bath McMansion because your career is about to take off any day now.

Dignity comes after responsibility.

Don’t worry about the rest of his speech, it’s an exercise in saying thousands of words that mean nothing.

Source:

Challenges in Housing and Mortgage Markets (Federal Reserve)