Robert Reich comes out against "frothy" housing market

Former Labor Secretary Robert Reich thinks the housing market is about to burst.Reich says:

The Fed should come down hard on banks, and start right now. It should require that banks tighten up lending practices. Restrict interest-only and adjustable-rate mortgages. Make it harder to buy second or third homes.

With the easy money provided by the Fed,teamed up with Fannie Mae and Freddie Mac,HUD,and a powerful housing industry lobby in Washington,and supply limitations because of zoning and land use regulations:housing is the most rigged market around.The American Prospect