zerohedge.com / by Tyler Durden / 05/21/2014 11:52
More than half a decade after the collapse, and with talking heads proclaiming the recovery as strong as ever and the Fed remarking on the housing market’s foundational pillar to that recovery, BlackRock’s CEO Larry Fink has a few words of warning for the exuberant – the US housing market is “structurally more unsound” today that before the last financial crisis. As the data comes in weaker and weaker, despite hopes for a post-weather bounce, the fact that the US housing market is “more dependent on Fannie and Freddie than we were before the crisis,” is a problem for the US taxpayer and – unlike Mel Watt‘s‘free credit for everyone’ approach to expanding the GSE’s role, Fink says with strong underwriting standards, ownership of affordable homes can again become a foundation for American families. So Watt’s easy ‘Subprime 2.0′ or Fink’s hard ‘American Dream’.
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More than half a decade after the collapse, and with talking heads proclaiming the recovery as strong as ever and the Fed remarking on the housing market’s foundational pillar to that recovery, BlackRock’s CEO Larry Fink has a few words of warning for the exuberant – the US housing market is “structurally more unsound” today that before the last financial crisis. As the data comes in weaker and weaker, despite hopes for a post-weather bounce, the fact that the US housing market is “more dependent on Fannie and Freddie than we were before the crisis,” is a problem for the US taxpayer and – unlike Mel Watt‘s‘free credit for everyone’ approach to expanding the GSE’s role, Fink says with strong underwriting standards, ownership of affordable homes can again become a foundation for American families. So Watt’s easy ‘Subprime 2.0′ or Fink’s hard ‘American Dream’.
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