The explanations that have come out of the subprime mortgage crisis just don't ring true.

One of the arguments they’re making to explain why they lent money to anyone breathing, without checking to see if the person could afford to repay the mortgage, was because they wanted in their heart of hearts to increase home ownership in America.

Baloney.

We have a lower rate of home ownership today than we had four years ago. And I’ll bet it goes lower.

The Census Bureau’s American Community Survey says nationwide, we had a 66.2 percent rate of homeownership in America back in 2000. By 2006, the rate had grown to an astounding …. 67.3 percent.

The gain is so small it’s almost nothing.

What we have today is a rate below the peak of 69.2 percent at the end of 2004.

What did we gain, by expanding sub prime lending?

Tens of thousands of foreclosures.