The NYT should have mentioned this fact in its article discussing a proposed bill that would tighten rules on mortgage lending. The article quotes Republican Representative Adam H. Putnam criticizing the legislation, saying that more flexible mortgage rules have increased homeownership.
It would have been helpful to note that homeownership rates have been falling for the last year and are now back to the level they were at in the second quarter of 2003, before the worst of the abuses in the mortgage industry. (The drop in homeownership rates for blacks has been even sharper, falling 3.0 percentage points.) This decline is virtually certain to continue with foreclosure rates at near record levels in the third quarter of 2007.
Unlike many news organizations, the Prospect has remained staunchly committed to keeping our journalism free and accessible to all. We believe that independent journalism is crucial for a functioning democracy—but quality reporting comes at a cost. From Trump’s threat to the free press to Musk’s influence on our democracy, there is too much at stake in 2025 to stop now.
We’re behind on our goal to raise $75,000 to continue delivering the hard-hitting investigative journalism you’ve come to expect from us. Your support helps us maintain our independence and dig deeper into the stories that matter most.
We need you to make a year-end contribution today. Any amount helps secure our future and ensure we can continue holding power to account.
