American Homeownership: Do We Still Have a Dream?
The dream of American homeownership has changed in the face of societal, economic, and cultural shifts, and the housing finance system of the future must reflect that. As Congress, regulators, and industry work to craft policy and guide practices, it is critical that they focus on the needs of the consumers the system intends to serve and the ability of the system to function properly. Who can buy a home and who can't? Who wants to and who doesn't? How will the housing finance system evolve to meet the challenges of homeownership now and in the future, and how can government and industry facilitate or impede this evolution? And finally, how do we avoid the sins of the past without chilling innovation for the future?