SK we have been in agreement on to many issues lately, this one being another one of them. Low rates are the mechanism for entry into the market. Underwriting guidelines are the gatekeeper. When the guidelines were ignored, obfuscated, or when outright fraud occurred, the results can be a disaster.

Additionally, don’t confuse low rates or high rates with downpayment barriers. A much higher downpayment barrier would have prevented a significant amount of entry into the market as well. This would also have reduced demand and kept price increases more moderate.