A few weeks ago, senior Obama administration housing officials made a point of telling various newspapers that the government had learned its lesson regarding the dangers of subsidized home ownership and would henceforth be taking a new approach:

“In previous eras, we haven’t seen people question whether homeownership was the right decision. It was just assumed that’s where you want to go,” said Raphael Bostic, a senior official in the Department of Housing and Urban Development. “You’re not going to hear us say that.”
Bostic, who has published leading scholarship on homeownership, added that owning a home has a lot of value, but “what we’ve seen in the last four years is that there really is an underside to homeownership.”
The administration’s narrower view of who should own a home and what the government should to do to support them could have major implications for the economy as well as borrowers. Broadly, the administration may wind down some government backing for home loans, but increase the focus on affordable rentals.
The shift in approach could mean higher down payments and interest rates on loans, more barriers to lower-income people buying houses, and fewer homeowners overall, government officials said. But it could also pave the way for a more stable housing market, one with fewer taxpayer dollars on the line and less of a risk that homeowners will not be able to pay their mortgages. [emp. added]

That all sounds very sober-minded and responsible. Maybe somebody should brief Freddie Mac on the new policy:

Down Payment Assistance Can Help Responsible Borrowers
August 2, 2010 – For many individuals, now is a great time to buy a home: mortgage rates are low and house prices are lower than they’ve been in years. But gathering enough funds for the down payment, fees, and closing costs is a challenge for some families. That isn’t necessarily a deal-breaker, however, because if you’ve done your homework, and are financially ready to be a homeowner, you may be eligible for down payment assistance.
Help is available for many first-time homebuyers through grants and tax credits. The U.S. Department of Housing and Urban Development (HUD) has a directory of state, county, and local resources on its website that offer homebuying assistance to well-qualified, mortgage-ready borrowers. Each program has different requirements, and help may be limited to first-time homebuyers and/or low- and moderate-income homebuyers. Assistance can range from a few thousand dollars to larger amounts, depending on your needs, your qualifications, and where you choose to purchase your home.

(h/t to Joe Weisenthal)