A simple, sensible solution to the housing crisis from financial strategist Ed Yardeni:

... Yet, ironically, the economy urgently requires a radical approach to revive growth. New infrastructure spending programs would most likely be too little, too late to help an economy that is in a deep recession now. I still believe that a more targeted stimulus aimed at not just stabilizing, but reviving housing activity would be the best way to turn the corner. If you know any of the following members of TEAB tell them we should nationalize Fannie and Freddie and have these two Government Owned Enterprises provide $2 trillion of 30-year fixed mortgages at 4%, on a first-come-first-served basis for all qualified buyers of new or existing homes. That would get rid of the housing inventory overhang in 3-6 months! They can call me 24/7 to discuss the idea.