Sunday, August 28, 2005

Only way to pop the housing bubble is to kybosh non-conforming mortgages

The housing bubble is wrecking the country by sucking up savings and investment capital. Young couples like the one in this New York Times story are likely to end up in bankruptcy.

What's needed is for the administration to issue an emergency order to temporarily ban non-conforming mortgages, and insist home buyers pledge in writing to live on the property for a year as a condition for receiving a loan.

Are there any grownups living inside the Beltway?
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