“I believe that most of the people losing their homes got in over their heads due to their own foolishness.”
Some even heloc’d their way into new BMW’s and motorhomes and boats. They get to keep all this without any ‘tax acknowledgement’ of the gains required to purchase these items.
“But there are also some people who have run into hard times due to a crisis and they need help.”
There is BK for those on hard times and I have no problem with those situations. Although, Driving your new $85K BMW to the marina to sail around your new $200K boat, all income tax free should be against the rules.
