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Home > Business, Communities, Economy, home buyers, Manufactured Homes, News Item, People > Sam Zell: Government Programs Prevent Housing Recovery

Sam Zell: Government Programs Prevent Housing Recovery

February 10th, 2012 Matthew Silver

MoneyNews tells MHProNews.com 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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  • Imobilehome

    I don’t think he’s 100% accurate in saying we’re the ONLY country where people borrow money and don’t pay it back.  People walk away from all kinds of things, not just houses both here in American and abroad.  There’s no way to hold them  completely accountable in truth.  Sad state of affairs, but real nonetheless…

    As far as the government slowing the housing recovery, that could be closer to the truth. I like the basic idea of survival of the fittest.  When you’re in business, you succeed or fail on your own.  Well, at least you used to…

  • Duke_Ganote

    Concur with ImobileHome.  Bankruptcy gets you “out of debt” on a personal basis.  And what’s the difference between that and a limited liability corporation where you’re not personally liable for corporate debts?  There’s a moral hazard on both sides; seems more individuals are exercising it now.