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The Future of the Government Sponsored Enterprises: The Role for Government in the U.S. Mortgage Market

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  • Dwight Jaffee
  • John M. Quigley

Abstract

This paper analyzes options for reforming the U.S. housing finance system in view of the failure of Fannie Mae and Freddie Mac as government sponsored enterprises (GSEs). The options considered include GSE reform, a range of possible new governmental mortgage guarantee plans, and greater reliance on private mortgage markets. The analysis also considers the likely consequences of adopting alternative roles for government in the U.S. housing and mortgage markets. We start by reviewing the history of the GSEs and their contributions to the operation of U.S. housing and mortgage markets, including the actions that led to their failure in conjunction with the recent mortgage market crisis. The reform options we consider include those proposed in a 2011 U.S. Treasury White Paper, plans for new government mortgage guarantees from various researchers and organizations, and the evidence from Western European countries for the efficacy of private mortgages markets.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17685.

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Date of creation: Dec 2011
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Publication status: published as The Future of the Government-Sponsored Enterprises: The Role for Government in the U.S. Mortgage Market , Dwight Jaffee, John M. Quigley. in Housing and the Financial Crisis , Glaeser and Sinai. 2013
Handle: RePEc:nbr:nberwo:17685

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References

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  1. Gabriel, Stuart A. & Rosenthal, Stuart S., 2010. "Do the GSEs expand the supply of mortgage credit? New evidence of crowd out in the secondary mortgage market," Journal of Public Economics, Elsevier, Elsevier, vol. 94(11-12), pages 975-986, December.
  2. Munch, Jakob R. & Rosholm, Michael & Svarer, Michael, 2006. "Home Ownership, Job Duration and Wages," IZA Discussion Papers 2110, Institute for the Study of Labor (IZA).
  3. Andreas Lehnert & Wayne Passmore & Shane M. Sherlund, 2005. "GSEs, mortgage rates, and secondary market activities," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2005-07, Board of Governors of the Federal Reserve System (U.S.).
  4. Aaronson, Daniel, 2000. "A Note on the Benefits of Homeownership," Journal of Urban Economics, Elsevier, vol. 47(3), pages 356-369, May.
  5. Dietz, Robert D. & Haurin, Donald R., 2003. "The social and private micro-level consequences of homeownership," Journal of Urban Economics, Elsevier, vol. 54(3), pages 401-450, November.
  6. Ambrose, Brent W. & Thibodeau, Thomas G., 2004. "Have the GSE affordable housing goals increased the supply of mortgage credit?," Regional Science and Urban Economics, Elsevier, Elsevier, vol. 34(3), pages 263-273, May.
  7. Peter J. Wallison, 2011. "A dissent from the majority report of the financial crisis inquiry commission," Proceedings, Federal Reserve Bank of Chicago 1118, Federal Reserve Bank of Chicago.
  8. James E. Pearce & James C. Miller, III, 2001. "Freddie Mac and Fannie Mae: their funding advantage and benefits to consumers," Proceedings, Federal Reserve Bank of Chicago 737, Federal Reserve Bank of Chicago.
  9. Ambrose, Brent W & Buttimer, Richard & Thibodeau, Thomas, 2001. "A New Spin on the Jumbo/Conforming Loan Rate Differential," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 23(3), pages 309-35, November.
  10. Peter J. Wallison, 2011. "Dissent from the Majority Report of the Financial Crisis Inquiry Commission," Books, American Enterprise Institute, American Enterprise Institute, number 24944, 9.
  11. repec:aei:rpaper:26126 is not listed on IDEAS
  12. Oswald Andrew J., 1996. "A Conjecture on the Explanation for High Unemployment in the Industrialized Nations : Part I," The Warwick Economics Research Paper Series (TWERPS), University of Warwick, Department of Economics 475, University of Warwick, Department of Economics.
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Cited by:
  1. Campbell, John Y., 2012. "Mortgage Market Design," Scholarly Articles 9887618, Harvard University Department of Economics.
  2. W. Scott Frame & Larry D. Wall & Lawrence J. White, 2012. "The devil's in the tail: residential mortgage finance and the U.S. Treasury," Working Paper, Federal Reserve Bank of Atlanta 2012-12, Federal Reserve Bank of Atlanta.

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