16 May A Letter to Mrs. Clinton on the Housing Bubble Her Husband Helped Blow
Dear Mrs. Clinton –
Your husband pursued an aggressive recalibration of goals and social objectives in housing policy with his Department of Housing and Urban Development, and personally said:
“Our home ownership strategy will not cost the taxpayers one extra cent. It will not require legislation. It will not add more Federal programs or grow the Federal bureaucracy.”
Do you believe this proved to be the case? If so, are you willing to promote the same goals regarding home ownership and no (or low) money down loans to borrowers of questionable credit quality or income? If not, if you believe this housing policy proved to be truly unwise, what are your plans for winding down Fannie/Freddie, and are you prepared to speak against the dangers of using housing for social policy?
It would be fascinating to see which way the Senator would go: Towards admitting the foolishness of lending to people who can’t pay back, slamming her husband in the process; or towards inviting an entire new revolution of foolish lending, begging for a second financial crisis? If someone doesn’t ask this question, they deserve to lose.