So from the housing standpoint, steady as you go, I think, would be the best medicine.
Franklin RainesIf there's a severe recession, the automatic stabilizers will come into effect, and we will still try to reduce the structural deficit, but we will not try to keep cutting the budget so that we keep worsening a severe recession.
Franklin RainesThe automatic stabilizer is unemployment insurance, food stamps, additional coverage of Medicaid.
Franklin RainesWe think if the economy remains weak that we could see mortgage rates trail down and we think that we could see rates below seven percent into early next year.
Franklin Raines