November 10, 2011

The Affordable Housing Scam - Reason Magazine

The Affordable Housing Scam - Reason Magazine:

John McClaughry's excellent review of the recent book, Reckless Endangerment, provides a realistic appraisal of the leaders, groups and  and policies that moved the appealing notion of expanding home ownership as a part of the American Dream to the near-collapse of the banking system and the economy. This is well worth reading for a thumbnail sketch of how the mess unfolded. Good work, John.
 "The thesis of Reckless Endangerment is simple: In a rush to orchestrate affordable home ownership—and generate enormous profits—politicians, government-sponsored enterprises, pusillanimous regulators, greedy mortgage brokers, and profit-chasing Wall Street investment bankers combined to drive the American economy into its worst crisis in 70 years, saddling taxpayers with trillions of dollars of debt and leaving the financial landscape littered with the wreckage of ruined lenders, borrowers, and taxpayers."

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