By Greg Stanton | The Arizona Republic
President Barack Obama’s plan to build a more sustainable housing market is welcome news, especially in Arizona, where we know firsthand the economic perils of artificial real-estate bubbles.
Although the local housing market has begun to stabilize, there is still a long way to go — and it will take Republicans and Democrats in Congress working together to strengthen it. That’s a tall order. Time and time again — on housing, immigration and sequestration — this Congress has failed to act, hurting Arizona’s economy in the process. It’s no wonder top economists identify congressional gridlock as a top threat to the national economy.
It doesn’t have to be that way. In particular, two pieces of the president’s plan stand out as areas where Congress can reach agreement: allowing all homeowners to refinance mortgages at current rates and finally winding down Fannie Mae and Freddie Mac.
