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How Mortgage Finance Reform Could Affect Housing

  • John V. Duca
  • John Muellbauer
  • Anthony Murphy

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.

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Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 106 (2016)
Issue (Month): 5 (May)
Pages: 620-624

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Handle: RePEc:aea:aecrev:v:106:y:2016:i:5:p:620-24
Note: DOI: 10.1257/aer.p20161083
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  1. John V. Duca & John Muellbauer & Anthony Murphy, 2011. "Shifting credit standards and the boom and bust in U.S. house prices," LSE Research Online Documents on Economics 58533, London School of Economics and Political Science, LSE Library.
  2. John V. Duca & John Muellbauer & Anthony Murphy, 2011. "House Prices and Credit Constraints: Making Sense of the US Experience," Economic Journal, Royal Economic Society, vol. 121(552), pages 533-551, 05.
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