California wants to spend $25 billion to put homebuyers deeper in debt

California has a housing affordability problem. Homes are expensive. Down payments are enormous. Young families are struggling to buy their first house.

So, what's California's latest idea?

Get into the mortgage business with $25 billion in borrowing authority. Apparently, when housing becomes too expensive, the answer is to help people borrow even more money.

BILLIONS SPENT BY KEY FEDERAL AGENCY HASN'T MADE AMERICAN DREAM OF HOMEOWNERSHIP ANY EASIER: REPORT

Welcome to Proposition 37.