Foreclosure follow up

Coincidentally, today I just saw an article in reference to my commentary about foreclosure market.

“Risky mortgages” on Yahoo!

I suspect there will be more to come in this area. I hope there will be traditional solutions, like those alluded to in the article, as well as more innovative ones. I hope the net is that more people get more options to live where they want in the most economically attractive way. I also should say that I don’t think this is an invitation for welfare (i.e. an increase in housing subsidies). That would be cutting off our nose to spite our face. Homeownership is about independence; subsidizing it is about dependence. Sure, there is a place for that, too, but this isn’t a good reason to increase it.

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