If Mr. Trump gets precisely the policies he says he wants, then the economy will suffer a recession.

I only have two things in my life, my family and work. If there's any time left over, then I play sports.

An overheating economy, characterized by accelerating inflation and rising interest rates, is another precondition for recession. This doesn't describe today's economy.

Indeed, the FHA was born out of the Great Depression, which was also caused in significant part by a foreclosure crisis. Mortgages in the early 1930s were mostly three- to five-year 'bullet' loans, which did not amortize and were due in full at maturity.

The most important point is, in a time of crisis, there is no way out but for the government to be bold and aggressive.

A home is still the biggest asset that most Americans own.

The Obama administration deserves credit for quickly ending the housing free fall. In particular, Obama empowered the Federal Housing Administration to ensure that households could find mortgages at low interest rates even during the worst phase of the financial panic.