The key to house prices is the share of foreclosure or short sales in the total housing market. When that share rises, house prices will fall, because distressed properties sell for significantly less - currently around 25 percent below non-distressed houses.

It has become fashionable to rail against government intervention in the economy, and the FHA is a favorite example by those trying to show the government's overreach. In reality, the FHA shows how government action during the Great Recession forestalled a much worse economic fate.

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

Our economy isn't going to recover until the housing market finds its footing.

I've done work for both Democrats and Republicans.

A housing renaissance has begun. This may be hard to believe after the dizzying, six-year-long crash in home sales, construction and house prices. But housing turned the corner last year, and it will take off in 2013.

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