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

2011 ◽  
Author(s):  
Dwight Jaffee ◽  
John Quigley
Keyword(s):  
Mortgage Market ◽  
The Future ◽  
The Government ◽  
Government Sponsored Enterprises ◽  
The U.S

scholarly journals Innovation and the theory of fields

AMS Review ◽  
2021 ◽  
Author(s):  
Neil Fligstein
Keyword(s):  
Field Theory ◽  
Mortgage Market ◽  
Economic Theories ◽  
Mortgage Securitization ◽  
Savings And Loan ◽  
Private Banks ◽  
The Government ◽  
Theory Of Fields ◽  
Government Sponsored Enterprises ◽  
The U.S

AbstractInnovation does not just involve the creation of new products, but also includes the need for new kinds of processes and organizations. Field theory can help us understand why some innovations are more piecemeal and others more revolutionary. It explicitly links innovation to the process of the emergence, adjustment, and transformation of markets (conceived of as fields). To illustrate this perspective, the case of the transition in the U.S. from a mortgage market dominated by savings and loan banks to the emergence of mortgage securitization dominated by the government sponsored enterprises and the largest private banks, is explicated. Field theory helps us understand the logic of this transition and the myriad players and innovations that helped produce a large part of what we consider to be modern finance. The case also shows the limits of economic theories of financial innovation and the sociology of finance. I end with a discussion of how field theory can inform subsequent research on innovation.

Introduction

2019 ◽  
pp. 1-16
Author(s):  
William G. Gale
Keyword(s):  
Economic Growth ◽  
The United States ◽  
Living Standards ◽  
Future Generations ◽  
Public Infrastructure ◽  
The Future ◽  
Fiscal Balance ◽  
The Government ◽  
Economic Future ◽  
The U.S

Even as the U.S. economy hums along, problems loom in the future. Government debt is growing along an unsustainable path, potentially mortgaging the country’s economic future. At the same time, after several decades of stagnating wages and living standards for much of the population, the nation faces increasing needs to invest in education and healthcare, and to bolster public infrastructure and research. How can the United States meet both today’s needs and tomorrow’s obligations? This book offers solutions resting on five guideposts. First, facts and evidence should play a key role in policy analysis and choices . Second, public policy should reflect our values as a people, including freedom, fairness, opportunity, and individual and social responsibility—toward one another, between rich and poor, and from generation to generation. Third, both the private sector and the government can—and must—be part of the solution to our problems. Fourth, taxes and spending are inextricably linked, and policymakers should consider them together. Fifth, we should focus on realistic solutions. The proposals offered here have three core themes: control entitlement spending; invest in the future; and raise and reform taxes. Taken together, the proposals would restore fiscal balance, boost economic growth, reduce economic inequality, improve economic mobility, and raise living standards for future generations.

Too Much Skin-in-the-Game? The Effect of Mortgage Market Concentration on Credit and House Prices

2021 ◽  
Author(s):  
Deeksha Gupta
Keyword(s):  
High Risk ◽  
House Prices ◽  
Housing Markets ◽  
Market Concentration ◽  
Mortgage Market ◽  
The Government ◽  
Government Sponsored Enterprises

Abstract In 2007, as American housing markets started to decline, the government-sponsored enterprises dramatically increased their acquisitions of low FICO and high loan-to-value mortgages. By 2008, the agencies had reversed course by decreasing their high-risk acquisitions. I develop a theory in which large lenders temporarily increase high-risk activity at the end of a boom. In the model, lenders with many outstanding mortgages have incentives to extend risky credit to prop up house prices. The increase in house prices lessens the losses they make on their outstanding portfolio of mortgages. As the bust continues, lenders slowly wind down their mortgage exposure.

Housing Finance Reform: Private Markets Versus Government Guarantees

2011 ◽  
Vol 01 (04) ◽  
pp. 823-836
Author(s):  
Dwight M. Jaffee
Keyword(s):  
Risk Sharing ◽  
Mortgage Market ◽  
Housing Finance ◽  
Finance Reform ◽  
Fannie Mae ◽  
The Government ◽  
Home Mortgage ◽  
Government Sponsored Enterprises ◽  
Private Markets

This paper evaluates the major alternative proposals for reforming the U.S. home mortgage market assuming that the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mae, will be closed. The paper compares proposals that advocate primary reliance on private markets to take on the GSE functions with proposals that advocate government mortgage guarantees, including a discussion of how these plans differ in terms of duration, scope, and risk-sharing. The paper concludes with a discussion of current government attempts to expedite the modification or refinancing of existing mortgages, including a plan for the transition from the current situation to the long-term reforms.

The Future of Global Great Power Competition after the Coronavirus

2020 ◽  
pp. 79-92
Author(s):  
Burhanettin Duran
Keyword(s):  
World War Ii ◽  
International System ◽  
Radical Change ◽  
Economic Effects ◽  
World War ◽  
Health Security ◽  
Self Sufficiency ◽  
The Future ◽  
Policy Agendas ◽  
The U.S

Due to the COVID-19 pandemic, the domestic and foreign policy agendas of all countries have been turned upside down. The pandemic has brought new problems and competition areas to states and to the international system. While the pandemic politically calls to mind the post-World War II era, it can also be compared with the 2008 crisis due to its economic effects such as unemployment and the disruption of global supply chains. A debate immediately began for a new international system; however, it seems that the current international system will be affected, but will not experience a radical change. That is, a new international order is not expected, while disorder is most likely in the post-pandemic period. In an atmosphere of global instability where debates on the U.S.-led international system have been worn for a while, in the post-pandemic period states will invest in self-sufficiency and redefine their strategic areas, especially in health security. The decline of U.S. leadership, the challenging policies of China, the effects of Chinese policies on the U.S.-China relations and the EU’s deepening crisis are going to be the main discussion topics that will determine the future of the international system.

Facts Between Pictographs and Photographs in Lester Beall's Rural Electrification Posters, 1937-1941

2015 ◽  
Vol 60 (1) ◽  
pp. 17-38
Author(s):  
Michael J. Golec
Keyword(s):  
Social Reality ◽  
Rural Electrification ◽  
Art And Design ◽  
Photographic Images ◽  
Governmental Agencies ◽  
Works Of Art ◽  
The Future ◽  
The U.S

In analysing Lester Beall's posters for the U.S. government between 1937-1941, Michael Golec demonstrates the twofold character of facts in art and design appearing even when they are applied to guarantee distinct messages. Commissioned by the governmental agencies to develop a series of posters to increase the electrification of rural farms, Beall introduces pictograms in his first series to represent electrification as “facts of the future.” Its simple forms facilitate the travelling of this facts without loss of their integrity. The same holds true for the use of photographic images for the second campaign of 1939. Following the revaluation of photography as a means for the documentation of social reality, as represented by the FSA photographers under the guidance of Roy Stryker, the medium served here as the authentication of facts. Golec holds, that Beall by reducing the complexity of the photographic images, to create a pictorial integrity of his posters, even despite of the use of a seemingly documentary medium, reinforces the ambivalent factual character of the pictures. So, paradoxically by heightening the communicative character of the design and hence stressing the idea of facts as integral realities outside of artworks, Beall's posters reveal the ambiguous character of pictorial facts creating their own specific qualities. Golec concludes, that facts in works of art and design have a twofold character resulting from their belonging to different spaces, which although meant to accomplish and address different facts, inevitably travel, overlap and bleed into each other. Thus oddly these facts refer or represent reality and simultaneously are a thing made (factum) that present and hold their own pictorial reality.

American and Canadian Civil Actions Alleging Human Rights Violations Abroad by Oil and Gas Companies

2008 ◽  
Vol 45 (3) ◽  
pp. 653 ◽  
Author(s):  
Jonathan Horlick ◽  
Joe Cyr ◽  
Scott Reynolds ◽  
Andrew Behrman
Keyword(s):  
Human Rights ◽  
Oil And Gas ◽  
The United States ◽  
Human Rights Violations ◽  
Law Of Nations ◽  
Forum Non Conveniens ◽  
The Government ◽  
Oil And Gas Companies ◽  
Political Question ◽  
The U.S

Under the United States Alien Tort Statute, which permits non-U.S. citizens to bring lawsuits in U.S. courts for human rights violations that are violations of the law of nations, plaintiffs have filed claims against multinational oil and gas corporations for the direct or complicit commission of such violations carried out by the government of the country in which the corporation operated. In addition to exercising jurisdiction over U.S. corporations, U.S. courts have exercised jurisdiction in cases involving non-U.S. defendants for alleged wrongful conduct against non-U.S. plaintiffs committed outside the U.S.The exercise of jurisdiction by U.S. courts over non-U.S. defendants for alleged wrongful conduct against non-U.S. plaintiffs committed outside of the U.S. raises serious questions as to the jurisdictional foundation on which the power of U.S. courts to adjudicate them rests. Defences that foreign defendants can raise against the exercise of jurisdiction by the U.S. courts are an objection to the extraterritorial assertion of jurisdiction, the act of state doctrine, the political question doctrine, forum non conveniens, and the principle of comity. These defences are bolstered by the support of the defendant’s home government and other governments.

Preparing the Pipeline: The U.S. Cyber Workforce for the Future

2012 ◽  
Author(s):  
David J. Kay ◽  
Terry J. Pudas ◽  
Brett Young
Keyword(s):  
The Future ◽  
The U.S
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