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Author: Susan M. Wachter Publisher: University of Pennsylvania Press ISBN: 0812248627 Category : Business & Economics Languages : en Pages : 288
Book Description
Nearly a decade after the housing market's collapse triggered the Great Recession, members of both sides of the political aisle are calling for reform. Principles of Housing Finance Reform lays out a roadmap for reforms for a new housing finance system to achieve liquidity, access, and sustainability.
Author: Susan M. Wachter Publisher: University of Pennsylvania Press ISBN: 0812248627 Category : Business & Economics Languages : en Pages : 288
Book Description
Nearly a decade after the housing market's collapse triggered the Great Recession, members of both sides of the political aisle are calling for reform. Principles of Housing Finance Reform lays out a roadmap for reforms for a new housing finance system to achieve liquidity, access, and sustainability.
Author: Viral V. Acharya Publisher: Princeton University Press ISBN: 1400838096 Category : Business & Economics Languages : en Pages : 233
Book Description
Why America's public-private mortgage giants threaten the world economy—and what to do about it The financial collapse of Fannie Mae and Freddie Mac in 2008 led to one of the most sweeping government interventions in private financial markets in history. The bailout has already cost American taxpayers close to $150 billion, and substantially more will be needed. The U.S. economy--and by extension, the global financial system--has a lot riding on Fannie and Freddie. They cannot fail, yet that is precisely what these mortgage giants are guaranteed to do. How can we limit the damage to our economy, and avoid making the same mistakes in the future? Guaranteed to Fail explains how poorly designed government guarantees for Fannie Mae and Freddie Mac led to the debacle of mortgage finance in the United States, weighs different reform proposals, and provides sensible, practical recommendations. Despite repeated calls for tougher action, Washington has expanded the scope of its guarantees to Fannie and Freddie, fueling more and more housing and mortgages all across the economy--and putting all of us at risk. This book unravels the dizzyingly immense, highly interconnected businesses of Fannie and Freddie. It proposes a unique model of reform that emphasizes public-private partnership, one that can serve as a blueprint for better organizing and managing government-sponsored enterprises like Fannie Mae and Freddie Mac. In doing so, Guaranteed to Fail strikes a cautionary note about excessive government intervention in markets.
Author: Richard Koss Publisher: International Monetary Fund ISBN: 1484312546 Category : Business & Economics Languages : en Pages : 31
Book Description
It has been over a decade since the peak of house prices in the US was attained, and while there has been a concerted regulatory response to the subsequent collapse, the two Government Sponsored Enterprises (GSEs) remain in conservatorship. While this action served to forestall a deeper crisis at the time, over the past several years risks related to the system of mortgage finance can be seen building across several dimensions that need to be addressed. While reforms to the GSEs are an important part of dealing with these concerns, this paper argues that broader changes need to be made across the entire mortgage landscape to stabilize the system, even before the final state of the GSEs is fully determined.
Author: United States. Congress Publisher: Createspace Independent Publishing Platform ISBN: 9781981863341 Category : Languages : en Pages : 104
Book Description
Mortgage finance reform : an examination of the Obama administration's report to Congress : hearing before the Committee on Financial Services, U.S. House of Representatives, One Hundred Twelfth Congress, first session, March 1, 2011.
Author: Susan M. Wachter Publisher: University of Pennsylvania Press ISBN: 0812204301 Category : Business & Economics Languages : en Pages : 399
Book Description
Successful home ownership requires the availability of appropriate mortgage products. In the years leading up to the collapse of the housing market, home buyers frequently accepted mortgages that were not only wrong for them but catastrophic for the economy as a whole. When the housing market bubble burst, so did a cornerstone of the American dream for many families. Restoring the promise of this dream requires an unflinching inspection of lending institutions and the right tools to repair the structures that support solid home purchases. The American Mortgage System: Crisis and Reform focuses on the causes of the housing market collapse and proposes solutions to prevent another rash of foreclosures. Edited by two leaders in the field of real estate and finance, Susan M. Wachter and Marvin M. Smith, The American Mortgage System examines key elements of the mortgage meltdown. The volume's contributors address the influence of the Community Reinvestment Act, which is often blamed for the crisis. They uncover how the government-sponsored enterprises Fannie Mae and Freddie Mac invested outside the housing market with disastrous results. They present surprising information about low-income borrowers and the strengths of local banks. This collection of thoughtful studies includes extensive analysis of loan practices and the creation of unstable mortgage securities, presenting data largely unavailable until now. More than a critique, The American Mortgage System offers solutions to the problems facing the future of American home ownership, including identifying asset price bubbles, calculating risk, and preventing discrimination in lending. Measured yet timely and by turns provocative, The American Mortgage System provides a careful assessment of a troubled but indispensable part of the economic and social structure of the United States. This book is a sound investment for economists, urban planners, and all who shape public policy.
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Publisher: ISBN: Category : Community banks Languages : en Pages : 98
Author: Ike Brannon Publisher: ISBN: Category : Languages : en Pages : 16
Book Description
The passage of the Housing and Economic Recovery Act in July of 2008 expanded the federal government's authority to place Fannie Mae and Freddie Mac into conservatorship. As exercised, under the conservatorship the government secured the right to stock warrants worth 79.9% of the company as well as a ten percent dividend on its gross investment. The existing shareholders kept the other 20.1%.However, the terms of the conservatorship were repeatedly amended. As the two GSEs returned to profitability, the government amended the conservatorship to lay claim to the entire net worth of the two government-sponsored enterprises, which it swept into Treasury's coffers each quarter. This move effectively froze out the non-government shareholders from any residual profits.It also allowed the federal government to report sharply lower deficits than would have otherwise been the case. As of 2014 the government had recouped its core $187.5 billion investment in the two and Congress is now contemplating major reforms of the mortgage finance sector.The current reform plan that has garnered bipartisan support, the one proposed by Senators Tim Johnson and Mike Crapo, would wind down Fannie and Freddie and replace them with new entities. In doing so it would also largely codify the Treasury's zeroing out of Fannie and Freddie's private shareholders.In order to allow the new entities to begin with a fresh balance sheet, the legislation would have the federal government explicitly guarantee the $5.2 trillion of debt of Fannie Mae and Freddie Mac. While a booming economy could gradually reduce that figure with few untoward consequences for the government, if the housing market were to have another swoon, the government would undoubtedly find itself having to cover some portion of this debt.Explicitly guaranteeing the debt incurred by Fannie Mae and Freddy Mac represents an unprecedented step for the government, and something the Treasury previously went to some lengths to avoid. Such an explicit guarantee is also contrary to long existing statute, which even today denies creditors any right to taxpayer backing. Neither the public assumption of all GSE debt nor the effective confiscation of the private shareholders' GSE stock send an affirming signal to private investment.Reform of the U.S. housing market is past due: if we hope to rebuild our mortgage finance system on a foundation of private capital, then property and contractual rights must be respected.
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Publisher: ISBN: Category : Housing Languages : en Pages : 80
Author: Susan M. Wachter
Author: Susan M. Wachter
Author: United States. Congress. House. Committee on Financial Services
Author: Viral V. Acharya
Author: United States. Congress. House. Committee on Financial Services
Author: Richard Koss
Author: United States. Congress
Author: Susan M. Wachter
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Author: Ike Brannon
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs