The Future of Housing Finance : Restructuring the U. S. Residential Mortgage Market (2011, Paperback) read online EPUB, TXT
9780815722083 English 0815722087 Although there was no single cause for the financial crisis of 2008, fundamental flaws in the U.S. housing finance market certainly contributed to the near collapse of this nation's financial system. There is broad bipartisan agreement that given their role in the financial crisis, government housing policies need to be reevaluated. In response, the Obama administration has recommended reducing the role of Fannie Mae and Freddie Mac in housing finance, with the ultimate goal of replacing these government-sponsored enterprises (GSEs) with a private market that would become the primary source of mortgage credit and bear the burden of risk. In The Future of Housing Finance , Martin Neil Baily and his contributors discuss the issues and options that policymakers face as they reassess the government's role in the U.S. residential mortgage market. Will Congress agree, and if so, how fast will it move? Can the already weak housing market survive without some kind of an explicit government backstop? Who will protect consumers against risk? Will thirty-year fixed-rate mortgages become a thing of the past? Can consensus be reached? Specific topics addressed include the introduction of a new system that reduces the incentives for excessive risk taking and includes a limited government role in providing credit guarantees for qualifying mortgage securities; the gradual withdrawal of Fannie Mae and Freddie Mac from the housing finance system; new approaches to regulating mortgage securitization, with the primary goal of financial stability; and the introduction of government-backed guarantees through institutional structures designed to limit moral hazard. The volume also includes remarks by Treasury Secretary Timothy Geithner on the Obama administration's strategy for reforming the nation's housing finance markets and a keynote address delivered by former Federal Reserve chairman Alan Greenspan., An exciting new voice offers a fresh portrait of Africans thriving in the face of adversity, showing the way forward for development on the continent and beyond.For years Dayo Olopade struggled to reconcile the American media's image of Africa as warring, impoverished, and pitiful with the Africa she's known since childhood: resilient, joyful, and innovative, a continent of impassioned community leaders. She reports firsthand on the explosion of commercial opportunities and technological innovations that are improving outcomes for families, children, and the environment."The Bright Continent" joins the conversation started by authors such as Jeffrey Sachs, Nicholas Kristof, and Dambisa Moyo. Olopade rejects stale and ineffectual foreign interventions, arguing that the increasingly globalized challenges the continent faces can and must be addressed with the tools Africans are already using to solve these problems themselves. In many ways, Africa's model of doing more with less--of working around dysfunctional institutions to establish strong informal networks--can be a powerful model for the rest of the world. Behind the dire headlines, Olopade discovers many convincing rays of hope., Fannie Mae and Freddie Mac, government-sponsored enterprises that played a prominentrole 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 andoptions 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 aprimary goal. Use of government-backed guarantees through institutional structures designed to limitmoral hazard.
9780815722083 English 0815722087 Although there was no single cause for the financial crisis of 2008, fundamental flaws in the U.S. housing finance market certainly contributed to the near collapse of this nation's financial system. There is broad bipartisan agreement that given their role in the financial crisis, government housing policies need to be reevaluated. In response, the Obama administration has recommended reducing the role of Fannie Mae and Freddie Mac in housing finance, with the ultimate goal of replacing these government-sponsored enterprises (GSEs) with a private market that would become the primary source of mortgage credit and bear the burden of risk. In The Future of Housing Finance , Martin Neil Baily and his contributors discuss the issues and options that policymakers face as they reassess the government's role in the U.S. residential mortgage market. Will Congress agree, and if so, how fast will it move? Can the already weak housing market survive without some kind of an explicit government backstop? Who will protect consumers against risk? Will thirty-year fixed-rate mortgages become a thing of the past? Can consensus be reached? Specific topics addressed include the introduction of a new system that reduces the incentives for excessive risk taking and includes a limited government role in providing credit guarantees for qualifying mortgage securities; the gradual withdrawal of Fannie Mae and Freddie Mac from the housing finance system; new approaches to regulating mortgage securitization, with the primary goal of financial stability; and the introduction of government-backed guarantees through institutional structures designed to limit moral hazard. The volume also includes remarks by Treasury Secretary Timothy Geithner on the Obama administration's strategy for reforming the nation's housing finance markets and a keynote address delivered by former Federal Reserve chairman Alan Greenspan., An exciting new voice offers a fresh portrait of Africans thriving in the face of adversity, showing the way forward for development on the continent and beyond.For years Dayo Olopade struggled to reconcile the American media's image of Africa as warring, impoverished, and pitiful with the Africa she's known since childhood: resilient, joyful, and innovative, a continent of impassioned community leaders. She reports firsthand on the explosion of commercial opportunities and technological innovations that are improving outcomes for families, children, and the environment."The Bright Continent" joins the conversation started by authors such as Jeffrey Sachs, Nicholas Kristof, and Dambisa Moyo. Olopade rejects stale and ineffectual foreign interventions, arguing that the increasingly globalized challenges the continent faces can and must be addressed with the tools Africans are already using to solve these problems themselves. In many ways, Africa's model of doing more with less--of working around dysfunctional institutions to establish strong informal networks--can be a powerful model for the rest of the world. Behind the dire headlines, Olopade discovers many convincing rays of hope., Fannie Mae and Freddie Mac, government-sponsored enterprises that played a prominentrole 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 andoptions 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 aprimary goal. Use of government-backed guarantees through institutional structures designed to limitmoral hazard.