But should subprime be forever banned from the housing finance market? Of course not. Even the alcoholic can be fun to have at a party as long as we don’t let him drink anything stronger than ginger ale. There is a need for sober subprime lending in the housing market. In fact, some responsible subprime lending has already returned. Wisely, no one actually refers to it as “subprime,” since to many people that is still a dirty word.There are mortgage products available today to homeowners with less than perfect credit, but they require strong income documentation and a sizable down payment. As more private capital becomes confident in the mortgage market, we will see an expansion of responsible subprime lending. But let's promise to keep it under control.