Mortgage credit subsidies 'disastrous for the poor'

financial-crisis

Credit subsidies intended to reduce economic inequality often have "disastrous unintended consequences for the poor" that instead exacerbate the problem, Charles Calomiris and Stephen Haber argue in an article for Central Banking journal.

Mortgage credit subsidies, such as those preceding the US housing crash and financial crisis of 2008, are typically a "wasteful and short-sighted palliative for addressing inequality" that are "unwise, arguably even cruel", Calomiris, a Columbia University fina

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