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by CareyBot

As I indicated in my column Tuesday, the current trials and tribulations of the home mortgage market stem from a re-pricing of risk. There is no shortage of mortgage money -- quite the contrary; an army of loan providers out there are desperate for customers. The problem is that some kinds of customers are no longer eligible under the new rules, and others who remain eligible must now pay a much larger premium over the best price than was the case earlier. An industry that had become conditioned to rules that allowed most anyone to get a loan now must turn customers away. This is painful, just as denying a heroin addict the fix to which he had become accustomed is painful. But we try to be compassionate with addicts and help them make the transition to a normal life as easy as...