Why GOP's Fannie-Freddie Proposal Is Doomed
"At the end of the day, it is extremely important that the private sector has to provide capital and be the bigger player in industry than the government," says Sloane.
On a philosophical level, when it comes to homeownership -- and losses that have resulted from recklessness of the past -- it seems time for a reckoning to come.
Eric Donnelly, managing partner of Urban Commercial Mortgage, has a suggestion for the American dream that ignores a borrower's ability to repay a loan: "Homeownership is not for everybody and there's a real argument to be made for renting."
Democrats in Congress and the White House should take note of that when structuring their counterproposal. Too bad they probably won't.-- Written by Lauren Tara LaCapra in New York.
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