If the wise and all-powerful idiots in Congress, Fannie, Freddie and the White house had just kept their greedy mitts out of the housing “crisis”, and let the market take it’s natural course, housing prices would have bottomed out by now. The loss in equity - false and real - would have been far less that the dollar amount that has been poured into the housing market in an attempt to save it.
Who ever thought that making a 100% loan on a $300,000 property to someone whose net income was $1500 a month was a good business model?
The same people that thought giving tens of millions of dollars to the clowns running the program was a good idea