And then casually mention a regulation:
He cited a rule in place since 1998 in the backwash of the S&L debacle that limits mortgage borrowing to 80% of the appraised value of a home. Like a minimum down payment, this reduces overleveraging and means Texas wasn't hurt as badly by the housing crash as other states.
Oops, government regulation saved their asses. But don't worry, government is still always bad in the minds of the WSJ editorial staff.