Imagine that a federal agency wanted to hurt America's working-class families on purpose. How would it inflict maximum damage?
It might start by aggressively marketing homeownership to marginal borrowers. It would tell them that bad credit scores aren't a problem. It would push them into homes they can't afford, saddle them with loans that barely build equity and provide no incentives for fiscal discipline. And when many of these homes go underwater and into foreclosure, it would leave families in financial ruin.
In short, such an agency would follow the Federal Housing Administration playbook.
That's a shame, because Republicans and Democrats alike rightly applaud the...