Politicians are like collective Alzheimer’s disease patients. They have no short-term memories of 2008’s financial crisis. Writers: Congress, the Fed and housing agencies are pumping air into the housing bubble. They say Congress has been passing out hundreds of billions for taxpayer-funded rental and mortgage assistance, propping up housing. Meanwhile, Fannie Mae, the federal guarantor of trillions of dollars of mortgages, is now insuring mortgages of more than $1 million. This program was supposed to help lower-income and first-time homebuyers. Now, millionaires are getting subsidized loans thanks to the tremendous power of the housing lobby made up of realtors, mortgage bankers and homebuilders. These are the laws of unintended consequences that Congress never learns. . . .
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