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Author :
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (71 download)
Download or read book Reforming America's Housing Finance Market written by and published by . This book was released on 2011 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : U. S. Department U.S. Department of the Treasury
Publisher : CreateSpace
ISBN 13 : 9781512164350
Total Pages : 32 pages
Book Rating : 4.1/5 (643 download)
Download or read book Reforming America's Housing Finance Market written by U. S. Department U.S. Department of the Treasury and published by CreateSpace. This book was released on 2015-05-12 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper lays out 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. Our plan champions the belief that 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. It means 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. And it means a helping hand for lower-income Americans, who are burdened by the strain of high housing costs.
Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (319 download)
Download or read book The Administration's Report to Congress written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2011 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Department of Department of the Treasury
Publisher : CreateSpace
ISBN 13 : 9781499397307
Total Pages : 32 pages
Book Rating : 4.3/5 (973 download)
Download or read book Reforming America's Housing Finance Market written by Department of Department of the Treasury and published by CreateSpace. This book was released on 2014-05-09 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Administration will work with the Federal Housing Finance Agency ("FHFA") to develop a plan to responsibly reduce the role of the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac") in the mortgage market and, ultimately, wind down both institutions. We recommend FHFA employ a number of policy levers - including increased guarantee fee pricing, increased down payment requirements, and other measures - to bring private capital back into the mortgage market and reduce taxpayer risk. As the market improves and Fannie Mae and Freddie Mac are wound down, it should be clear that the government is committed to ensuring that Fannie Mae and Freddie Mac have sufficient capital to perform under any guarantees issued now or in the future and the ability to meet any of their debt obligations. We believe that under our current Preferred Stock Purchase Agreements (PSPAs), there is sufficient funding to ensure the orderly and deliberate wind down of Fannie Mae and Freddie Mac, as described in our plan.
Author : United States Senate
Publisher :
ISBN 13 : 9781691102488
Total Pages : 60 pages
Book Rating : 4.1/5 (24 download)
Download or read book The Administration's Report to Congress written by United States Senate and published by . This book was released on 2019-09-05 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The administration's report to Congress: reforming America's housing finance market: hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Twelfth Congress, first session ... March 15, 2011.
Author : United States Congress
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781978085008
Total Pages : 60 pages
Book Rating : 4.0/5 (85 download)
Download or read book The Administration's Report to Congress written by United States Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-10-10 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The administration's report to Congress: reforming America's housing finance market : hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Twelfth Congress, first session ... March 15, 2011.
Author : United States. Congress
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781982008154
Total Pages : 60 pages
Book Rating : 4.0/5 (81 download)
Download or read book The Administrations Report to Congress written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-12-24 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The administration's report to Congress : reforming America's housing finance market : hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Twelfth Congress, first session ... March 15, 2011.
Author :
Publisher :
ISBN 13 :
Total Pages : 8 pages
Book Rating : 4.:/5 (19 download)
Download or read book The Obama Administration's Report on "reforming America's Housing Finance Market" written by and published by . This book was released on 2011 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Satya Thallam
Publisher :
ISBN 13 : 9780989219327
Total Pages : 216 pages
Book Rating : 4.2/5 (193 download)
Download or read book House of Cards written by Satya Thallam and published by . This book was released on 2012 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fannie Mae and Freddie Mac-privately managed, profit-seeking government-sponsored enterprises (GSEs)-played a crucial role in inflating America's housing bubble. Now that the bubble has burst and the GSEs' mistakes have resulted in huge taxpayer losses, their role must be rethought. In this compendium, six leading mortgage and real-estate finance scholars present their proposals to reform America's housing finance system in ways that are productive yet sensitive to the fragile state of the current recovery. Each proposal considers how to protect taxpayers from future losses associated with the GSEs, increase the role of private capital in financing mortgages, and maintain a safe and robust system to channel capital to able borrowers.
Author : Adam J. Levitin
Publisher : Harvard University Press
ISBN 13 : 0674246926
Total Pages : 401 pages
Book Rating : 4.6/5 (742 download)
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.
Author :
Publisher : IDB
ISBN 13 : 9781931003629
Total Pages : 116 pages
Book Rating : 4.0/5 (36 download)
Download or read book Reforming Latin American Housing Markets written by and published by IDB. This book was released on 2004 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Susan M. Wachter
Publisher : University of Pennsylvania Press
ISBN 13 : 0812248627
Total Pages : 288 pages
Book Rating : 4.8/5 (122 download)
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.
Author : Benjamin W. Virtanen
Publisher :
ISBN 13 : 9781613243503
Total Pages : 0 pages
Book Rating : 4.2/5 (435 download)
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.
Author : Martin Neil Baily
Publisher : Rowman & Littlefield
ISBN 13 : 0815722095
Total Pages : 225 pages
Book Rating : 4.8/5 (157 download)
Download or read book The Future of Housing Finance written by Martin Neil Baily and published by Rowman & Littlefield. This book was released on 2011-09-30 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fannie Mae and Freddie Mac, government-sponsored enterprises that played a prominent role in the financial crisis of 2008, and the federal government have come to a crossroads. The government must make key decisions about their structure, and indeed, their very existence. The government has played an important role in the American housing market since the early 1930s, when the Great Depression ushered in housing programs to promote a stable society. The government's role expanded further during the recent housing and financial crisis—Fannie Mae and Freddie Mac now dominate the American housing market, backing more than 62 percent of new mortgages and holding more than $5 trillion in accumulated mortgage risk. In The Future of Housing Finance Martin Baily and his associates discuss the issues and options that policymakers face as they reassess the government's role in the U.S. residential mortgage market. While presenting diverse analytical perspectives, including a contribution from former chairman of the Federal Reserve Alan Greenspan, all contributors agree that the government's support for mortgage financing in the recent past was too broad and deep but some role is necessary to maintain the stability of the housing finance market. The Obama administration has recommended reducing the role of Fannie and Freddie while replacing them with a private market approach, but continuing federal support for worthy borrowers. But what will Congress agree to? And how fast will it move on any initiative? Specific topics include: • Introduction of a new system to reduce incentives that encourage excessive risk taking. • Gradual withdrawal of Fannie and Freddie from the housing finance system. • New approaches to regulating mortgage securitization, with financial stability as a primary goal. • Use of government-backed guarantees through institutional structures designed to limit moral hazard.
Author : Susan Wachter
Publisher : University of Pennsylvania Press
ISBN 13 : 9780812243512
Total Pages : 392 pages
Book Rating : 4.2/5 (435 download)
Download or read book The American Mortgage System written by Susan Wachter and published by University of Pennsylvania Press. This book was released on 2011-06-10 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Viral V. Acharya
Publisher : Princeton University Press
ISBN 13 : 1400838096
Total Pages : 233 pages
Book Rating : 4.4/5 (8 download)
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.
Author : Alex J. Pollock
Publisher : Government Institutes
ISBN 13 : 0844743844
Total Pages : 108 pages
Book Rating : 4.8/5 (447 download)
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.
