Once again, the latest quarterly New York Fed Household Debt and Credit report reinforces a story I have been talking about for a long time: homeowners in America are in solid financial shape, while those who cling to the narrative of the 2008 housing crisis still require a dose of gloom therapy.

Two laws that deserve credit for the robust numbers are the 2005 bankruptcy reform act and the 2010 Qualified Mortgage rule. These laws have ushered in a new reality for U.S. economics, facilitating the emergence of the best financial middle class the world has ever details ⇒

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