The Federal Reserve is essential. But which tools it should use is up for debate.

After months of seemingly becoming overheated, the nation's housing markets are now showing welcome signs of leveling off, which should remove warnings of possible hard landings in some cities.

It is no longer a matter of if but when, and to what extent, we will see a downward pricing event in Dallas, Denver and Houston.

There are rules for issuing and securitizing mortgages. These rules were completely ignored in the peak years of the housing bubble. At every step, there were people who knew they were not following the law, but thought it would not matter.

Whether they should they rent or buy a home is one of the toughest financial decisions Americans face. The factors at play in making this decision revolve around not only where you are, but also who you are.