The unintended consequences of expanding low-income home ownership rates

The New York Times has an revealing article on Henry Cisneros.  Mr. Cisneros was the U.S. Secretary of Housing and Urban Development (HUD) under President Clinton.  In an attempt to expand home ownership rates, especially among low-income households, Mr. Cisneros loosened mortgage restrictions.  ” Families no longer had to prove they had five years of stable income; three…