Jeff Merkley’s HOLC-type plan for mass refinancing of underwater borrowers is not a panacea for this foreclosure crisis, but it certainly would help us prevent the next one, and without the legal implications that could trip up an eminent domain scheme. Ending the persistent problem of underwater borrowers would not only stabilize the housing market [...]

The Federal Reserve does look poised to return to some quantitative easing starting in November. But Neil Irwin has a brief on what form that easing might take, setting a target for interest rates rather than a specific amount of bond purchases. Instead of just announcing that it will create, say, $500 billion out of [...]