We are facing the bust that inevitably followed the housing and mortgage bubble,but we can learn from the history of mortgage crises.

Tightening regulation of Fannie Mae and Freddie Mac without reducing the real source of the risks they create would be like bailing furiously while ignoring the hole in the boat.

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Judging by the financial market's renewed unease about Italy and Spain over the past week it would seem that all that the European Central Bank's €1 trillion liquidity injection in the European banking system bought was around four months of relative market calm.

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.

These days, billions of dollars is spoken of as pocket change. A by-product of massive government debt burdens and decades of cheap cash from central banks is the notion that, while solvency might be important, liquidity should be easy to find. Particularly for financial institutions, the official state position appears...

Sir, Paul de Grauwe’s suggestion that stepped-up direct intervention by the European Central Bank in the European government bond markets would offer a solution to the Eurozone debt crisis rests on two dangerous misperception.

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.