Released in July 2014, FHFA Brief 14-02, '"First Time Homebuyer Share and House Price Growth", arrives at a statistically supported conclusion that is at the very least predictable, if not painfully obvious.
The housing finance system -- as well as other national housing policies -- needs to serve a country where local home prices in some markets are 10 times as high as in others, and where local and state laws affect how much new construction is allowed, how long foreclosures take, and more.
Instead of expanding homeownership opportunities, the Johnson-Crapo proposal tells working and middle-class families that homeownership will be reserved for the fortunate few. That is simply wrong, and we can do better.
As Paulson says with regret in the film, that program had a worse approval rating with the public than torture. People were asking, "Why were those fat cats being given money while I am losing my house?"
After months of robust home value appreciation, the U.S. housing market recovery is on very solid footing. We can now begin to turn away from housing's ugly recent history and start contemplating its future, specifically the future of housing finance.