• The Heritage Network
    • Resize:
    • A
    • A
    • A
  • Donate
  • housing

    Investigate the Chris Dodd Bailout

    Yesterday Rep. Jeb Hensarling (R-Tex.) became the first member of Congress to call for an investigation into the relationship between Sen. Chris Dodd’s (D-Conn.) $300 billion bailout of Wall Street lenders like Countrywide Financial, and the below-market rate loans Dodd received from Countrywide. Hensarling may be the first member of … More

    Morning Bell: Fannie and Freddie at Core of Housing Crisis

    Jim Johnson, the man recently chosen by Sen. Barack Obama to search for a VP candidate, is under fire for receiving millions of dollars in below-market loans from Countrywide Financial Corp. chief executive Angelo Mozilo. Private entities like Countrywide are free to give generous loan agreements to whomever they want, … More

    Housing Bill Creates National Fingerprint Registry

    Sens. Diane Feinstein (D-Calif.) and Mel Martinez (R-Fla.) authored a bill (with 11 co-sponsors, including Sen. Barack Obama) that was incorporated into a housing bill passed by the Senate Banking Committee 19-2 before the Memorial Day recess — a bill that creates a national fingerprint registry. According to a Martinez … More

    Morning Bell: The Wall Street Bailout Enhancement Act

    During the debate on the housing bailout bill last week, Democrats consistently justified their “American Housing Rescue and Foreclosure Prevention Act” by citing the Treasury Department’s involvement in JP Morgan’s purchase of Bear Stearns. Bill sponsor Rep. Barney Frank (D-Mass.) was typical: You didn’t get an answer on how the … More

    The Washington Post Is 'Hope'less

    While CNN reports that Americans are split evenly (49% for, 48% against) on bailing out people who paid to much for real estate, the newsroom at the Washington Post is 100% behind the measure judging from their front-page hatchet job today. The very first sentence of the piece betrays the … More

    Morning Bell: Can Government Worsen the Mortgage Crisis ... 'Yes We Can!'

    A publicly traded corporation announces a $2.2 billion quarterly loss, a dividend cut and warns that steeper losses are sure to come. One might expect such a company’s stock to go down on such dire news. But not Fannie Mae! On the very day Fannie revealed nothing but bad performance … More

    Morning Bell: Why Is Congress Doubling Down on Mortgage Mess?

    The United States likes to think of itself as a model of free markets. Unfortunately, in far too many sectors of the economy the reality is that the federal government already plays a huge role. Housing is a perfect example. The two Government Sponsored Enterprises (GSE) created to help the … More

    Why Is Congress Risking Billions to Save Nothing?

    This week the House is set to pass legislation to help homeowners who spent too much on their homes avoid foreclosure. From the beginning, the bill’s architects have been ambivalent about how many people their plan would actually help. Over a month ago Rep. Barney Frank told The Hill it … More

    Government Already Back to Encouraging Risky Lending

    The New York Times had a disturbing story today on one element of the housing bailout plan Rep. Barney Frank (D-MA) plans to have on the floor by Thursday. The heart of Frank’s plan is the authorization of the Federal Housing Administration (FHA) to assume billions of dollars in new … More

    Krugman Right on Housing Bubble Factor

    Visiting Heritage scholar Wendell Cox has a new paper out titled “How Smart Growth Exacerbated the International Financial Crisis” in which he praises New York Times columnist Paul Krugman’s prescience on diagnosing the role of land use regulation in driving the housing bubble. Krugman wrote on August 8, 2005: But … More