Federal housing funds are targeted at building more apartments, not promoting homeownership, which is essential to building intergenerational wealth. There's an easy fix lawmakers have long ignored.
Reviving a long-dormant loan guarantee program could go a long way toward restocking the supply of starter homes and helping households of modest means create wealth.
The current regulatory focus drives the growth of ever-larger, harder-to-manage and harder-to-regulate megabanks, while community banks have been left to be picked up by acquirers.