Government and the Economy
By Ronald Homer
A year ago in this same forum, I shared the view that the growing default rate in the subprime mortgage market was just the tip of a credit-cycle iceberg masking a much wider problem with housing prices that eventually would lead to a recession. The problems associated with the mortgage industry have been deeper and wider than anyone anticipated with the magnitude of the impact on the housing market and the economy still unfolding. However, the potential remedy – regulatory action and government support – remains the same.
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