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  • Evridiki Tsounta
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    Abstract

    This paper investigates the role of government intervention in achieving the American dream of homeownership. The study analyzes the role of tax deductions in housing finance, including their impact on homeownership and housing consumption. The role of the Government Sponsored Enterprises in facilitating the creation of a secondary market for mortgage-backed securities is also analyzed as well as the role of the Federal Housing Administration. Cross-country comparisons of how housing is financed in other industrial countries is also provided, emphasizing how other countries have been able to achieve comparable homeownership rates as the United States in a less complicated and fiscally cheaper system. Country experiences of successfully phasing out government intervention are also analyzed.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=25156
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/191.

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    Length: 46
    Date of creation: 01 Aug 2011
    Date of revision:
    Handle: RePEc:imf:imfwpa:11/191

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    Related research

    Keywords: Household credit; Taxation; Housing prices; Loan guarantees; Tax exemptions; Tax rates; mortgage; mortgage interest; homeownership; mortgages; housing finance; tax expenditures; mortgage interest deduction; mortgage insurance; mortgage market; tax deduction; housing finance system; mortgage debt; interest payments; tax expenditure; home ownership; tax deductible; housing finance agency; private mortgage; property tax; mortgage finance; housing policy; housing subsidies; tax deductions; mortgage association; mortgage-backed securities; tax system; mortgage interest payments; tax reform; mortgage credit; property taxes; residential mortgage; home mortgage; mortgage loans; secondary mortgage market; mortgage originators; mortgage deduction; secondary mortgage; home owner; mortgage bond; housing markets; tax treatment; mortgage lending; residential mortgages; tax purposes; mortgage interest rates; federal tax; income taxpayers; mortgage markets; home equity; government national mortgage association; fixed rate mortgages; mortgage securities; mortgage insurers; tax changes; capital gains taxes; mortgage lenders; foreclosure; mortgage rates; conventional mortgages; higher income; financing housing; mortgage borrowers; national tax journal; federal national mortgage association; access to mortgage; tax benefits; tax journal; government mortgage; home mortgage interest deduction; housing finance systems; higher tax brackets; sales tax; private mortgage insurers; mortgage loan; mortgage products; home loans; underlying mortgage; mortgage brokers; housing loans; mortgage investment; sales taxes; foreclosures; housing loan; housing affordability; home owners; capital gains tax; housing economics; family mortgages; mortgage credit insurer; protecting taxpayers; mortgage industry; mortgage insurance fund; tax revenues; tax advantages; mortgage principal; local taxation; mortgage portfolios; housing construction; marginal tax rate; housing policies; payments on mortgages; housing loan insurance; mortgage product; tax exclusion; family mortgage; emerging mortgage markets; income taxes; large budget deficits; long-term mortgage; mortgage interest rate; tax rate cuts; tax bill; percent tax rate; excise taxes; personal income tax; housing finance agencies; mortgage corporation; housing supply; mortgage rate; tax collections; mortgage defaults; tax payments;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. John Kiff, 2009. "Canadian Residential Mortgage Markets," IMF Working Papers 09/130, International Monetary Fund.
    2. Richard K. Green & Susan M. Wachter, 2005. "The American Mortgage in Historical and International Context," Working Paper 9094, USC Lusk Center for Real Estate.
    3. Gabriel, Stuart A. & Rosenthal, Stuart S., 2005. "Homeownership in the 1980s and 1990s: aggregate trends and racial gaps," Journal of Urban Economics, Elsevier, vol. 57(1), pages 101-127, January.
    4. Dell’Ariccia, G. & Igan, D. & Laeven, L., 2009. "Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market," Discussion Paper 2009-46 S, Tilburg University, Center for Economic Research.
    5. Thomas Hemmelgarn & Gaetan Nicodeme, 2010. "The 2008 Financial Crisis and Taxation Policy," Taxation Papers 20, Directorate General Taxation and Customs Union, European Commission.
    6. Gene Amromin & Jennifer Huang & Clemens Sialm & Edward Zhong, 2011. "Complex Mortgages," NBER Working Papers 17315, National Bureau of Economic Research, Inc.
    7. Follain, James R. & Hendershott, Patric H. & Ling, David C., 1992. "Real Estate Markets Since 1980: What Role Have Tax Changes Played?," National Tax Journal, National Tax Association, vol. 45(3), pages 253-66, September.
    8. Jaffee, Dwight M. & Quigley, John M., 2007. "Housing Subsidies and Homeowners: What Role for Government-Sponsored Enterprises?," Berkeley Program on Housing and Urban Policy, Working Paper Series qt6g8986r5, Berkeley Program on Housing and Urban Policy.
    9. Larry Cordell & Karen Dynan & Andreas Lehnert & Nellie Liang & Eileen Mauskopf, 2008. "The incentives of mortgage servicers: myths and realities," Finance and Economics Discussion Series 2008-46, Board of Governors of the Federal Reserve System (U.S.).
    10. Thomas Hemmelgarn & Gaetan Nicodeme & Ernesto Zangari, 2011. "The Role of Housing Tax Provisions in the 2008 Financial Crisis," Taxation Papers 27, Directorate General Taxation and Customs Union, European Commission.
    11. Paul van den Noord, 2005. "Tax Incentives and House Price Volatility in the Euro Area: Theory and Evidence," Economie Internationale, CEPII research center, issue 101, pages 29-45.
    12. International Monetary Fund, 2004. "The Kingdom of the Netherlands—Netherlands," IMF Staff Country Reports 04/312, International Monetary Fund.
    13. Joseph Gyourko & Todd Sinai, 2003. "The Spatial Distribution of Housing-Related Ordinary Income Tax Benefits," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 31(4), pages 527-575, December.
    14. Giovanni Dell'Ariccia & Luc Laeven & Deniz Igan, 2008. "Credit Booms and Lending Standards," IMF Working Papers 08/106, International Monetary Fund.
    15. Mark Doms & Meryl Motika, 2006. "Property debt burdens," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue jul28.
    16. Rosanne Altshuler & Robert Dietz, 2008. "Reconsidering Tax Expenditure Estimation: Challenges And Reforms," Departmental Working Papers 200804, Rutgers University, Department of Economics.
    17. Glenn B. Canner & Elizabeth Laderman & Andreas Lehnert & Wayne Passmore, 2002. "Does the Community Reinvestment Act (CRA) cause banks to provide a subsidy to some mortgage borrowers?," Finance and Economics Discussion Series 2002-19, Board of Governors of the Federal Reserve System (U.S.).
    18. Lars Jonung & Hans Tson Söderström & Joakim Stymne, 1996. "Depression in the north - boom and bust in Sweden and Finland, 1985-93," Finnish Economic Papers, Finnish Economic Association, vol. 9(1), pages 55-71, Spring.
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