Mike Whitney at Alternet warns that, between a poorly-understood "frankensystem" of federal housing relief combined with an estimated 9-year "shadow inventory" of distressed homes, homeowners are facing a "lost decade."
Whitney points out that banks don't have the capital to fulfill their role of providing credit, and as a result government-backed entities are increasingly backing mortgages.
"Housing is in a shambles. The market is presently stitched together with buyer-assistance programs, loan modifications programs, new homebuyer subsidies, foreclosure abatement programs, principal reduction programs, historic low interest rates, 'easy-term' financing, and government-backed loans. It's a veritable dog's breakfast of inducements, giveaways and bandaids all designed with one purpose in mind; to keep the banks from taking a bigger hit on their garbage mortgages.
There is no housing market in the U.S. apart from the government. The Potemkin banking system is still on the rocks, so Fannie and Freddie have been forced to pick up the slack. But if the government is going to put up all the financing, then it should have a bigger say-so on the way things are run. The emphasis should be on helping people, not on more handouts for the banks.
The problem is not housing. The problem is the banks."
Whitney proposes that a "National Bank" is necessary to support the private banking industry and provide a reliable source of credit.
FULL STORY: A "Lost Decade" Ahead for Home Owners -- Just So Banks Won't Take a Bigger Hit on Their Garbage Mortgages

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

USGS Water Science Centers Targeted for Closure
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The President’s proposed budget could cut key resources for active transportation, public transit, and road safety programs.

Dairy Queen and Rural Third Places
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