Although few people now remember it, another wave of private securitizations once altered the real estate landscape...That wave ended pretty much like this one did.

That fact should raise questions about whether the securitization machine should be patched up and back in business to operate without government guarantees.

Perhaps, instead, we should find a way to get banks and other long-term investors, like insurance companies, to make — and keep — most of the real estate loans that are needed in society.

Right, and consumers should live within their means. Crazy talk!