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Eh. I think it's more about decades of declining low interest rates. Low rates are only available to american's who can obtain credit, and leads to predation on those who cannot. It's about mortgage availability not housing availability.

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You must not have been following the past 20 years. We have massive GSEs that backstop mortgages with the power of the Fed. Perhaps second to 2006, it has never been easier for low income borrowers to buy property. This is part of the problem.

I trade volatility for a living. I scrutinize the smallest changes in rates. Of course bad mortgages are not great, however in dollar scale vs. The corporate bond market, they are meaninglessly insignificant. The cdos they are baked into being bought at leverage (again due to low rates) is the problem.

Me too, vol is the only true asset class.

I don’t disagree with what you say. But affordability can only be solved by increasing supply. Everything else is just shuffling the deck.

In the most desirable locations housing is mostly vacant.

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