How Mortgage Finance Reform Could Affect Housing
Although major changes in mortgage finance have occurred since the subprime bust, several issues remain unresolved, centering on the roles of Fannie Mae, Freddie Mac, and the FHA. We analyze how some reforms might affect house prices in a framework rich enough to simulate the impact of several refor...
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| Veröffentlicht in: | The American economic review 2016-05, Vol.106 (5), p.620-624 |
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| container_end_page | 624 |
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| container_title | The American economic review |
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| creator | Duca, John V. Muellbauer, John Murphy, Anthony |
| description | Although major changes in mortgage finance have occurred since the subprime bust, several issues remain unresolved, centering on the roles of Fannie Mae, Freddie Mac, and the FHA. We analyze how some reforms might affect house prices in a framework rich enough to simulate the impact of several reforms which change mortgage interest rates and/or loan-to-value (LTV) ratios of first time home buyers, the key drivers of house prices in recent decades. Simulations suggest that ending the GSE interest rate subsidy would have small effects, while changes in capital requirements or maximum FHA loan size limits would have larger effects. |
| doi_str_mv | 10.1257/aer.p20161083 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0002-8282 |
| ispartof | The American economic review, 2016-05, Vol.106 (5), p.620-624 |
| issn | 0002-8282 1944-7981 |
| language | eng |
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| source | EBSCOhost Business Source Complete; JSTOR Archive Collection A-Z Listing; American Economic Association Web |
| subjects | Analysis Capital gains Capital requirements Central banks Economic theory Federal Reserve monetary policy Financial services Home buyers Home ownership HOMEOWNERSHIPAND THE AMERICAN DREAM Housing Housing prices Interest rates Loans Mortgage companies Mortgages Purchasing Ratios Reforms Regulation of financial institutions Studies Subprime lending Wall Street Reform & Consumer Protection Act 2010-US |
| title | How Mortgage Finance Reform Could Affect Housing |
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