That’s a typical argument but rarely a good one. The average person has no practical way to assess impact of regulation on the overall system. If you itemised taxes, would any car owner pay for public transport? They do benefit from it (less traffic) but don’t realise it.
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do people think a flu shot is worth it before or after they’ve had the flu?
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Simply having a line item saying "Dodd-Frank cost: $2k" is misleading. If you said "Fee because we can not sell your mortgage to speculative banks that may crash during the next recession and require a bailout: $2k" people would just to go a credit union.
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Dodd Frank doesn't prevent selling or securitizing a mortgage. Absent securitization, many people would just see "sorry, no loan for you."
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if you put the cost of something on as a line item without itemising the benefit as well, of course people are going to object. Does that tell you anything about whether it's worthwhile?
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I'm curious, do you have a ballpark figure for the total "overhead cost" of a mortgage? i.e., the difference in an efficient market between what homeowners pay and what the securitized mortgage is sold for?
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I'm an unabashed supporter of Dodd Frank, so take this with a grain of salt: these people would be hurting a lot worse if they lost their jobs in another financial crisis. Also, rates are historically low, bitching about $20 in cash flow every month is ridiculous.
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The back office is being automated
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Not sure if owning a home is enough of an obvious good at those income levels to make this problematic. Other hidden fees include "surprise, your roof is leaking" and "congrats on your busted plumbing". Maybe better to not buy a home with such a low margin of error?
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