The mortgage and real estate industry has resembled a battlefield marred with carnage and destruction with what appears to have no end in sight. 210 imploded lenders and thousands of mortgage, real estate professionals and anything related to these professions in one way, shape or form, litter the path of no jobs and no hope.

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WHILE critics of today’s mortgage crisis call for government intervention to suppress subprime lending, few are aware that government intervention created subprime mortgages in the first place.

The National Housing Act of 1968, part of President Lyndon Johnson’s Great Society, provided government-subsidized loans to expand home ownership for poor Americans. Liberal policymakers hoped that these loans, called Section 235 loans, would enable poor Americans — urban blacks in particular — to buy their own homes.

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