Take Sowell’s Housing Market Series Seriously
It starts today at IBDeditorials.com.
Here are his first two paragraphs:
The new and risky methods of financing home purchases that rose to dominance in the early years of the 21st century could not have replaced more traditional rules and standards for granting mortgage loans unless those who regulated banks and other lending institutions had agreed to such changes.
In reality, government agencies not only approved the more lax standards for mortgage loan applicants, government officials were in fact the driving force behind the loosening of mortgage loan requirements.
Those “government agencies” happened to be the Democrat-crony companies known as Fannie Mae and Freddie Mac, whose actions were promoted by members of their party and tragically acquiesced to and occasionally promoted by the opposition.
Read the installments as they appear. Hopefully I’ll have a chance to excerpt from Sowell’s series as that occurs.
