$25 billion in National Mortgage Settlement and other policy efforts have worked to prevent the real estate market from clearing.  At the same time, these policies have harmed those who have done the right thing.

What's needed is the strong arm of the European Central Bank to remove catastrophic risk from the marketplace without risking the bank's core mission of fighting inflation.

The economic spiral will get worse unlesssomething is doneabout negative equity.

President Obama in his State of the Union Address proposed that legislation be passed authorizing FHA to provide all homeowners that are current on their mortgage the opportunity to refinance at today's record low rates.

Borrowers should get relief now, and the banks should get a guarantee down the road.

I believe that the financial crisis had a single major cause: the accumulation of an unprecedented number of weak mortgages in the U.S. financial system.

The major cause of the financial crisis in the U.S. was the collapse of housing and mortgage markets resulting from an accumulation of an unprecedented number of weak and risky Non-Traditional Mortgages.

In less than twenty-five years, government “affordable housing” and other housing policies have turned a healthy market into a financial ruin. Until Fannie and Freddie’s market dominance and the government’s role in the housing finance system are substantially reduced or eliminated, the United States will continue to have an inferior and unstable housing market.