Building on news that the bipartisan consensus behind the Senate’s “Foreclosure Enhancement Act” is beginning “to crumble,” the White House sent a letter to Speaker Nancy Pelosi (D-Calif.) today outlining what they would accept in housing legislation. The letter includes many strong principles that ought to be congratulated, including: We must not prolong unnecessary corrections in the housing market, bail out lenders, or subsidize irresponsible borrowing and lending, at the expense of hardworking people who have played by the rules. … Housing legislation should not penalize the millions of American …
