(no subject)
As far back as 1922, Secretary of Commerce Herbert Hoover launched a crusade to turn tenants into homeowners and, by 1927, Congressional legislation encouraged banks to make more mortgage loans. The net result was increased home ownership, followed by increased rates of foreclosures. The very same pattern reappeared during the Roosevelt administration of the 1930s, which created new government agencies to facilitate home ownership, and one of these agencies ended up with more than 200,000 foreclosures. After the Second World War, yet another round of federal interventions in the housing market led to yet another round of risky lending and resulting foreclosures. What has happened in recent years is just a bigger and more disastrous repetition of what has happened before.
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