March 8, 2007

So-called subprime lending has opened doors for many once-marginal borrowers, who would be locked out of credit opportunities if the law refuses to countenance higher-risk, higher-interest lending. "If we want poorer households to manage their money and assets better, we have to be prepared for them to make some mistakes, and not hurry to overprotect them," writes housing expert and Manhattan Institute VP Howard Husock (New York Sun).