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Given the credit market debacle and failures of Bear Stearns, Fannie, and Freddie, it’s incredible how little concrete action or debate has taken place about how to correct the systemic problems that have led to these monumental taxpayer bailouts. The assumption is that new and more stringent regulation is coming. Are we talking about something as dramatic as the return of Glass-Steagall (separating investment banks from commercial banking) or what? The CMBS market clearly failed at regulating itself — the rating agencies proved totally lame and the B-piece buyer cartel didn’t live up to the hype about kicking out all the bad loans from offerings. It appears there may be a Congressional battle royal over what to do with the mortgage GSEs, including reconstituting them or doing away with them. And should it be government policy to encourage people to own homes when many people would be better off not owning them?

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