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Unintended Consequences • April 19, 2023 

# Railroad Profiteering and Mortgage Forbearance 

In this episode of the *Unintended Consequences* podcast, we start by investigating [whether railroads are making excessive profits by cutting back labor expenses](https://www.cato.org/regulation/spring-2023/understanding-railroads-unions-fight). That’s the subject of Peter’s new paper, which is particularly timely given the reaction to the train derailment in eastern Ohio. Then, [Mark Calabria](/people/mark-calabria) joins to discuss [his cover article](https://www.cato.org/regulation/spring-2023/pandemic-mortgage-forbearance-design-practitioners-perspective) about his time as the head of the Federal Housing Finance Agency and the steps he took to prevent a mortgage meltdown during the pandemic. Finally, Peter and Paul tackle [the limits of zoning reform](https://www.cato.org/regulation/spring-2023/working-papers#zoning) as a solution for runaway housing inflation.

![Regulation Spring 2023](/sites/cato.org/files/styles/promo_block_book_cover_1x/public/2023-03/regulation-v46n1-cover.png?itok=SiIHuwVA) 

##### Related Study 

### *[Regulation](https://www.cato.org/regulation/spring-2023)*

Federal housing finance assistance during COVID avoided problems that plagued similar assistance in the Great Recession. We acted, and we acted quickly. And beneficiaries ultimately paid for it, not the taxpayer. This should be the model for future responses, not the endless subsidies and bailouts that have all too often become the norm.

[Read the Full Issue](https://www.cato.org/regulation/spring-2023) 

[![Creative Commons License](/build/cato_2020/images/creative-commons.svg)](http://creativecommons.org/licenses/by-nc-sa/4.0/) 
This work is licensed under a [Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License](https://creativecommons.org/licenses/by-nc-sa/4.0/). 

##### Featuring 

[![Peter Van Doren](/sites/cato.org/files/styles/author_picture/public/2021-01/Peter%20Van%20Doren.jpg?itok=H1lphT-7)](/people/peter-van-doren) 

##### [Peter Van Doren](/people/peter-van-doren)

Senior Fellow and Editor of *Regulation*

[ 

](mailto:pvandoren@cato.org) 

[![Paul Matzko](/sites/cato.org/files/styles/author_picture/public/2021-01/Paul%20Matzko.jpg?itok=CSzwMD2U)](/people/paul-matzko) 

##### [Paul Matzko](/people/paul-matzko)

Adjunct Scholar, Cato Institute