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Observations on housing's wreckage and recovery

Don’t Mess With Texas

New from me in The Big Money: How Texas escaped the mortgage bust. A big part of the answer is that Texas tightly restricts refinancing, so homeowners can’t use their real estate as ATMs. They take this seriously in Texas – it’s in the state constitution. If the rest of the country had rules like Texas’, we’d be a whole lot safer from the threat of predatory lending, debt slavery and real estate bubbles.

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