Defaulting on the nation's debt would be cataclysmic. The U.S. Treasury's Aaa rating is the one constant in the world's financial system. When times are bad anywhere on the planet, global investors flock to Treasury bonds because they know they will get their money back.

Buying a home wouldn't make much sense if house prices were likely to decline further; no one wants to catch a falling knife.

Potential home buyers have a two-step decision process. First, they determine whether they can afford to make a purchase - does their income safely cover their mortgage payment? Then they determine whether owning is a better financial choice than renting - are the costs of owning a home lower than the cost of renting it?

The FHA's success provides strong evidence that government can and should play a role in the nation's mortgage finance system. It also demonstrates that although government intervention in the economy during the Great Recession was messy, things would have been a lot messier without it.

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

The extension and expansion of the payroll tax holidays for workers would be number one on my list and key to avoiding recession.

There is a banking adage that if it's growing like a weed, it's a good chance that it's a weed.