The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.
President Obama’s economic advisers and outside experts say the nation’s much-celebrated housing rebound is leaving too many people behind, including young people looking to buy their first homes and individuals with credit records weakened by the recession.
“Much-celebrated housing recovery”? Anyone else miss the “much-celebrated housing recovery”?
Granted, the loosening of mortgage restrictions was far form the only problem that led to the Panic of 2008. I would even argue that it was far less important than the idiotic mark-to-market rule on mortgage-backed securities. Still, the president’s determination to reflate the housing bubble is stunning.