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Mortgage Finance & Housing Reform: A Historical Context

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  • R. Christopher Whalen

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.

Suggested Citation

  • R. Christopher Whalen, 2018. "Mortgage Finance & Housing Reform: A Historical Context," NFI Policy Briefs 2018-PB-01, Indiana State University, Scott College of Business, Networks Financial Institute.
    • Handle: RePEc:nfi:nfipbs:2018-pb-01
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    File URL: http://www.indstate.edu/business/sites/business.indstate.edu/files/Docs/2018-PB-01_Whalen.pdf
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    More about this item

    Keywords

    housing; financial reform;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H8 - Public Economics - - Miscellaneous Issues

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