The housing speech Obama gave in Phoenix [8/6/113] is prime Obama doublespeak. Delivered with earnest sincerity and a sense of purpose and even urgency. And it is not even on the emotionally charged issues of immigration reform or health care reform or saving the middle class. It's about Fannie and Freddie (yawn). But all the better. The doublespeak is there to be seen without all the emotionally charged overlay.

On the one hand...

He encouraged the private market to take a bigger role in home lending, and even suggested the government's role should be limited. As in his February 2011 speech he vowed to "wind down" the toxic twins in favor of a private market solution.

On the other...

He argued the government still has a vital role in the mortgage market by guaranteeing "affordable housing" for lower-income Americans.

And how is that to be done?

By ordering the Federal Housing Administration to back high-risk loans. In other words Obama wants to kick-start another housing bubble by having Fannie and Freddie to back high risk loans so that  those who "want a home can actually afford one."

Those who want a home can actually afford one? Think about that for a minute.

He jumped on his horse and rode off in several directions.