Very carefully ignores the rather important fact that the housing market of the time was a bubble largely created by the influx of money generated by these exact programs.
IOW, the prices were artificially high.
The way this is worded, had these programs never existed the real estate market would still have boomed, it just never would have crashed. Which is utter nonsense.
I’m perplexed by such criticism. I carefully explained how the bubble was created by bidding up on a limited supply of homes, with cheap interest rates and insufficient money down, and explained what had happened that triggered these factors to cause the bubble.