Mortgage Finance & Housing Reform: A Historical Context

R. Christopher Whalen

No 2018-PB-01, NFI Policy Briefs from Indiana State University, Scott College of Business, Networks Financial Institute

Abstract: Since the collapse of the U.S. financial markets in 2008, Congress and the policy community have been engaged in a broad-based discussion about the housing market reform, including making significant changes to the operations of government sponsored entities (GSEs) such as Fannie Mae, Freddie Mac and Ginnie Mae, which insure investors against the credit risk of most residential mortgages issued in the US. Over the past decade, the Senate and the House of Representatives have both put forward proposals to alter or eliminate one or more of the GSEs and expand the role of private capital in supporting the housing market, but no proposal has yet gained sufficient political support to pass Congress. Indeed, given the political gulf that exists between the two major political parties, it seems likely that there will be no meaningful housing legislation passed by Congress for years to come. This paper examines the debate over housing financial reform in historical context and then offers some suggests on how to move the debate forward to a conclusion in terms of reforming the GSEs.

Keywords: housing; financial reform (search for similar items in EconPapers)
JEL-codes: G21 G28 H8 (search for similar items in EconPapers)
Pages: 16 pages
Date: 2018-02
New Economics Papers: this item is included in nep-ure
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