The big talk in Washington these days is helping homeowners. Unfortunately, what passes for help to homeowners in the Capital might look more like handing out money to banks anywhere else. The basic story isfairly simple. Tens of million of homeowners are now underwater: they owe more in their mortgage than the value of their home. The reason is that they bought homes at bubble-inflated prices earlier in the decade. Economists and other policy wonks insisted that housing was a great buy, even as home prices got ever more out-of-line with economic fundamentals.
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