by Ryan McMaken
Americans have long regarded owning a home to be largely synonymous with the so-called “American dream” although high homeowernship rates are not necessarily synonymous with a high-income prosperous society. Switzerland and Germany, for example, have homeownership rates well below that usually found in the US.
Nevertheless, the US government has long made increasing homeownership an important policy goal, and this has led to a number of large and costly programs and institutions including Fannie Mae and Freddie Mac, FHA, and a plethora of federal regulations surrounding mortgage lending and banking.
Judging by the government’s own criteria, it has all been a failure.