Housing Finance Reform

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Credit Slips is well-represented on the New York Times Room for Debate website. Susan Wachter (Wharton School) and I have a short opinion piece on housing finance reform on the site. Our main point:  housing finance risk is inevitably socialized, so we'd best come up with a system that keeps risk in check.  

And Alan White also has a piece on the site. Alan's take: we need to avoid the upside-down nature of the pre-crisis system where the most marginal borrowers were the ones who ended up in the totally private part of the market; they should be the ones receiving government support.