I thought there was a significant qoute in the article.
“”I know you’re not supposed to say I told you so,’ but I’m at the age where I can do it: Homeownership was oversold,” says 67-year-old House Finance Committee Chairman Barney Frank (D-Mass.). ”
What, a powerful liberal Democrat, conceding this? … perhaps we won’t be subsidizing the RE bubble after all.
On a slightly different note, the News Hour held a town hall metting that consisted of San Diego bankers, mortgage brokers, realtors, speculators, counselors, and a few home owner/foreclosed individuals. I was disappointed when Gwen Ifill (softball on all subjects) provided the moderator role, but did catch the last 2/3’s of the segment. No one even mentioned the home valuation as the problem. A Pigg point of view should have been there to straighten them out. They really danced anround anything of substance, however, one participant did say that he was starting to see some PANIC in SD. I hope this is a portent of things to come.
