Steve Malanga thinks Americans haven't learned from the housing bust:
Even now, in the midst of our current woes, members of the Congressional Hispanic Caucus caution against reining in affordable housing lending because, “We need to keep credit easily accessible to our minority communities,” as Congressman Joe Baca has put it. And both Republicans and Democrats in Congress continue to put forward new programs to subsidize home ownership and kick start the housing market, without wondering whether further subsidies might just spark new foreclosure problems.
Until Congress shifts gears from promoting homeownership into simplifying and/or accelerating foreclosures (e.g. by converting weak mortgage holders into renters), the bottom will be elusive.
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