Follow this link to the above titled article by Lawrence Summers. This article was suggested by RichardH.
I think that the current mortgage crisis is what happens when the federal government decides not to have an explicit housing policy. You notice in the news that whenever there are discussions about the mortgage/housing crisis, the government is represented by the FED and the Treasury. No mention is ever made of the Secretary of Housing and Urban Development. Do we still have such a cabinet position? What has this person been up to for the last 7+ years?