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Housing Bottom Still Not Upon Us


But the shift in focus to renting, not owning, brings us yet another step closer.

Bush's "ownership society" has collapsed under the dead weight of debt. There's just too much debt and too little income to support it. Please consider President shifts focus to renting, not owning. See also John Mauldin's Lies, Damn Lies, and the Real Estate Recovery, of this morning.

"The Obama administration, in a major shift on housing policy, is abandoning George W. Bush's vision of creating an "ownership society'' and instead plans to pump $4.25 billion of economic stimulus money into creating tens of thousands of federally subsidized rental units in American cities.

"...Analysts say the approach takes a wrecking ball to Bush's heavy emphasis on encouraging homeownership as a way to create national wealth and provide upward mobility for low- and working-class families, especially minorities. Housing and Urban Development Secretary Shaun Donovan's recalibration of federal housing policy, they said, shows that the Obama White House has acknowledged that not everyone can or should own a home."

Barney Frank, Hypocrite

"I've always said the American dream should be a home -- not homeownership," said Representative Barney Frank, chairman of the House Financial Services Committee and one of the earliest critics of the Bush administration's push to put mortgages in the hands of low- and moderate-income people."

What a distortion of reality. Barney Frank was in the pocket of Fannie Mae (FNM) and Freddie Mac (FRE), and was one of their biggest supporters for years. He would have been better off keeping his mouth shut, but political hacks seldom if ever can.
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