Max at Maxspeak has a post up:
Whether they knew it or not, a lot of people bet that house prices would go up indefinitely. If they don’t, a lot of them get screwed. I bet that they would not. If they get screwed, maybe I get a shot at a good deal on a new house. If their bets are covered by government policy, they get to live in a house they couldn’t really afford, and I stay priced out of some houses. Maybe some of my taxes are used to subsidize others with higher incomes, net worth, and house value.