Download or read book Principles of Housing Finance Reform written by Susan M. Wachter and published by University of Pennsylvania Press. This book was released on 2016-08-10 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the fall of 2008, the world watched in horror as the U.S. housing finance system shattered, triggering a global financial panic and ultimately the Great Recession. Now, nearly a decade later, the long and slow housing recovery has reached a critical moment. Though the housing finance system has stabilized, it remains in the hands of the federal government, leaving taxpayers exposed to the credit risk while private funding remains mostly on the sidelines. Principles of Housing Finance Reform identifies the changes necessary to modernize the housing finance system, identifying guiding principles that should underlie a rebuilt system. Contributors to the volume set out a wealth of innovative solutions that are possible within this framework, presenting proposals for long-term structural reforms that would infuse new life into the U.S. housing finance system while enhancing long-term stability. Nearly a decade after the inception of the Great Recession, reform proposals have arisen across the political spectrum. This is a moment of opportunity for rebuilding a key sector of the U.S. economy. The research in this volume represents the best thinking of policy researchers and economic experts on the challenges that lie ahead and provides a roadmap for reforms to create a system characterized by liquidity, stability, access, and sustainability. Contributors: W. Scott Frame, Meghan Grant, John Griffith, Diana Hancock, Stephanie Heller, Akash Kanojia, Patricia C. Mosser, Kevin A. Park, Wayne Passmore, Roberto G. Quercia, David Scharfstein, Phillip Swagel, Joseph Tracy, Susan M. Wachter, Dale A. Whitman, Mark A. Willis, Joshua Wright.
Download or read book Principles of Housing Finance Reform written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2017 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Principles of Housing Finance Reform written by Susan M. Wachter and published by University of Pennsylvania Press. This book was released on 2016-09-23 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Housing Finance Reform written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-09-27 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: Housing finance reform : protecting small lender access to the secondary mortgage market : hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Thirteenth Congress, first session, on examining components such as infrastructure, technology, and the cash window, that need to be preserved for small lenders in a new housing finance system, Novemb
Download or read book Housing Finance Reform in America written by and published by . This book was released on 2011 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Guaranteed to Fail written by Viral V. Acharya and published by Princeton University Press. This book was released on 2011-03-14 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Housing Finance Reform in America written by Benjamin W. Virtanen and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the Administration's plan to reform America's housing finance market to better serve families and function more safely in a world that has changed dramatically since its original pillars were put in place nearly eighty years ago. Americans should have choices in housing that make sense for them and for their families. This means rental options near good schools and good jobs, as well as access to credit for those Americans who want to own their own home, which has helped millions of middle class families build wealth and achieve the American Dream. Going forward, the government's primary role should be limited to robust oversight and consumer protection, targeted assistance for low-and moderate-income homeowners and renters, and carefully designed support for market stability and crisis response.
Download or read book Housing Finance Reform and the Shadow Money Supply written by David Min and published by . This book was released on 2018 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The election of Donald Trump alongside libertarian majorities in the House and Senate is likely to jumpstart housing finance reform efforts, and it appears almost certain that the federal government's role in housing finance will be significantly reduced. A number of legal and economic analyses have looked at the effects that housing finance reform may have on the availability of mortgage funding for American households. However, these commentaries have to date overlooked the implications that such reform presents for the global money supply. This Article shows that:(1) housing finance has historically played an important role in money creation; (2) Fannie and Freddie today are a major producer of government-backed “safe assets;” and (3) these safe assets are at the heart of money creation in the shadow banking system today, which is an important part of the overall money supply. Accordingly, this Article argues that housing finance reform as it is currently being contemplated is likely to have negative near-term and long-term implications for financial stability and monetary policy. Policy makers should carefully consider these effects of major changes to the housing finance system on the money supply before committing to any course of action.
Download or read book The Great American Housing Bubble written by Adam J. Levitin and published by Harvard University Press. This book was released on 2020-06-09 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: The definitive account of the housing bubble that caused the Great Recession—and earned Wall Street fantastic profits. The American housing bubble of the 2000s caused the worst global financial crisis since the Great Depression. In this definitive account, Adam Levitin and Susan Wachter pinpoint its source: the shift in mortgage financing from securitization by Fannie Mae and Freddie Mac to “private-label securitization” by Wall Street banks. This change set off a race to the bottom in mortgage underwriting standards, as banks competed in laxity to gain market share. The Great American Housing Bubble tells the story of the transformation of mortgage lending from a dysfunctional, local affair, featuring short-term, interest-only “bullet” loans, to a robust, national market based around the thirty-year fixed-rate mortgage, a uniquely American innovation that served as the foundation for the middle class. Levitin and Wachter show how Fannie and Freddie’s market power kept risk in check until 2003, when mortgage financing shifted sharply to private-label securitization, as lenders looked for a way to sustain lending volume following an unprecedented refinancing wave. Private-label securitization brought a return of bullet loans, which had lower initial payments—enabling borrowers to borrow more—but much greater back-loaded risks. These loans produced a vast oversupply of underpriced mortgage finance that drove up home prices unsustainably. When the bubble burst, it set off a destructive downward spiral of home prices and foreclosures. Levitin and Wachter propose a rebuild of the housing finance system that ensures the widespread availability of the thirty-year fixed-rate mortgage, while preventing underwriting competition and shifting risk away from the public to private investors.
Download or read book The Principles of Housing written by Peter King and published by Routledge. This book was released on 2015-11-19 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Principles of Housing is an engaging and discursive introduction to the key topics within housing studies. Whereas many books get bogged down in country-specific policy or small innovations, this book argues that the fundamental concepts of what we call housing are relatively stable and unchangeable. By focusing on universal principles, the book provides an introduction to housing that can be used by students world-wide. The book consists of a series of short chapters relating to the key issues of housing, such as borrowing, choice, finance, government, need, reform and welfare. Each chapter is designed to be a starting point for a wider conversation, with discussion questions and a number of think pieces and international case studies to help students connect these general principles to their own surroundings. Written by renowned housing expert Peter King, The Principles of Housing succeeds in being accessible and engaging without shying away from the complexities of housing issues. The book will be invaluable to students on housing-related courses across finance, real estate, planning, development, politics and sociology subjects. The book would also be useful to housing professionals and policy makers aiming to expand their understanding of housing issues.
Download or read book Thirty nine Steps to Housing Finance Reform written by John Hills and published by . This book was released on 1991 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Housing Finance Reform written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2014 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Pragmatic Plan for Housing Finance Reform written by Seidman and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Principles of Housing written by Peter King and published by Routledge. This book was released on 2015-11-19 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Principles of Housing is an engaging and discursive introduction to the key topics within housing studies. Whereas many books get bogged down in country-specific policy or small innovations, this book argues that the fundamental concepts of what we call housing are relatively stable and unchangeable. By focusing on universal principles, the book provides an introduction to housing that can be used by students world-wide. The book consists of a series of short chapters relating to the key issues of housing, such as borrowing, choice, finance, government, need, reform and welfare. Each chapter is designed to be a starting point for a wider conversation, with discussion questions and a number of think pieces and international case studies to help students connect these general principles to their own surroundings. Written by renowned housing expert Peter King, The Principles of Housing succeeds in being accessible and engaging without shying away from the complexities of housing issues. The book will be invaluable to students on housing-related courses across finance, real estate, planning, development, politics and sociology subjects. The book would also be useful to housing professionals and policy makers aiming to expand their understanding of housing issues.
Download or read book Bipartisan Solutions for Housing Finance Reform written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2013 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Returning Private Capital to Mortgage Markets written by United States Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-10 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: Returning private capital to mortgage markets : a fundamental for housing finance reform : hearing before the Subcommittee on Securities, Insurance, and Investment of the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Thirteenth Congress, first session ... May 14, 2013.
Download or read book Boom and Bust written by Alex J. Pollock and published by Government Institutes. This book was released on 2010-11-16 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: While the recent economic crisis was a painful period for many Americans, the panic surrounding the downturn was fueled by an incomplete understanding of economic history. Economic hysteria made for riveting journalism and effective political theater, but the politicians and members of the media who declared that America was in the midst of the greatest financial calamity since the Great Depression were as wrong and misguided as the expansionists of the Roosevelt era. In reality the cyclical nature of market economies is as old as the markets themselves. In a free market system, financial downturns inevitably accompany economic prosperity-but the overall trend is upward progress in living standards and national wealth. While it is helpful to understand what caused the recent crisis, the more important questions to consider are 'What makes the 'boom and bust' cycle so predictable?' and 'What are the ethical responsibilities of the citizens of a free market economy?' In Boom and Bust: Financial Cycles and Human Prosperity, Alex J. Pollock argues that while economic downturns can be frightening and difficult, people living in free market economies enjoy greater health, better access to basic necessities, better education, work less arduous jobs, and have more choices and wider horizons than people at any other point in history. This wonderful reality would not exist in the absence of financial cycles. This book explains why.
