Despite the obvious, policymakers and wonks think trimming mortgage principal down to just 10 percent underwater or that lowering borrowers' financing costs for those 25 percent (or more) underwater will somehow halt the slide in home values and spur consumer spending.
But it's not just Gingrich and Romney. Virtually every Republican and conservative across America recognizes what is by now well established in the literature -- the government caused the financial crisis.
There was our President stating once again that he had a plan to fix the housing crisis that is stalling our economy and harming his reelection chances. When he was done making his proposal, it occurred to me that after 35 years of my working in the real estate market this man really had no more idea of how to resolve the problem than the average homeowner.
Occupy Wall Street heroically takes back unjustly foreclosed homes that were stolen from the community by uh, occupying them for the people. To get people back in their house you know? Or something like that. Yeah, justice!
When Rep. Barney Frank, D-Mass., announced his intention not to seek re-election after a 32-year career, not one of the nightly news broadcast network anchors found time or space to mention either Frank's central role in the housing meltdown or his congressional reprimand. Not one.
They say "all politics is local." But economic decisions impact the whole economy and reverberate internationally. That is why politicians' meddling with the economy creates so many disasters.
Want to improve the housing market? Evict Fannie Mae and Freddie Mac. Sounds harsh, but without such a serious, drastic step, the market won’t get better anytime soon.
The Harvard study, the Obama report, and the Washington Post all display an appalling ignorance of the real estate market – or worse, participation in a cover-up intended to (again) protect their the political allies responsible for this mess.
BREAKING: Judicial Watch Obtains List of Fast and Furious Documents Held Under Obama's Executive Privilege | Katie Pavlich