scholarly journals Regional Redistribution Through the U.S. Mortgage Market

2015 ◽  
Author(s):  
Erik Hurst ◽  
Benjamin Keys ◽  
Amit Seru ◽  
Joseph Vavra
Keyword(s):  
Mortgage Market ◽  
The U.S ◽  
Regional Redistribution

scholarly journals Regional Redistribution Through the U.S. Mortgage Market

2015 ◽  
Author(s):  
Erik Hurst ◽  
Benjamin J. Keys ◽  
Amit Seru ◽  
Joseph Vavra
Keyword(s):  
Mortgage Market ◽  
The U.S ◽  
Regional Redistribution

scholarly journals Mortgage Securitization and Shadow Bank Lending

2020 ◽  
Author(s):  
Pedro Gete ◽  
Michael Reher
Keyword(s):  
Cross Section ◽  
Financial Stability ◽  
Bank Lending ◽  
Mortgage Market ◽  
Secondary Market ◽  
Market Prices ◽  
Coverage Ratio ◽  
Regulatory Status ◽  
Mortgage Securitization ◽  
The U.S

Abstract We show how securitization affects the size of the nonbank lending sector through a novel price-based channel. We identify the channel using a regulatory spillover shock to the cross-section of mortgage-backed security prices: the U.S. liquidity coverage ratio. The shock increases secondary market prices for FHA-insured loans by granting them favorable regulatory status once securitized. Higher prices lower nonbanks’ funding costs, prompting them to loosen lending standards and originate more FHA-insured loans. This channel accounts for 22% of nonbanks’ growth in overall mortgage market share over 2013–2015. While the shock creates risks for financial stability, homeownership also increases.

scholarly journals Credit Rationing in the U.S. Mortgage Market: Evidence from Variation in FHA Market Shares

2002 ◽  
Vol 51 (2) ◽  
pp. 272-294 ◽  
Author(s):  
Brent W. Ambrose ◽  
Anthony Pennington-Cross ◽  
Anthony M. Yezer
Keyword(s):  
Credit Rationing ◽  
Mortgage Market ◽  
Market Shares ◽  
The U.S

scholarly journals Historically Illustrating the Shift to Neoliberalism in the U.S. Home Mortgage Market

Societies ◽  
2019 ◽  
Vol 9 (1) ◽  
pp. 6 ◽  
Author(s):  
Ivis García
Keyword(s):  
Mortgage Market ◽  
Historical Case Study ◽  
Housing Crisis ◽  
Historical Case ◽  
Savings And Loans ◽  
New Policies ◽  
Home Mortgage ◽  
Oil Crises ◽  
Building Societies ◽  
The U.S

This article takes a long view of the U.S. housing market; from its inception as locally owned and operated Building Societies, through one of the first major U.S. housing crises in the early 1930s, as well as through the prosperous and surprisingly stable post-WWII era the so-called “Long Boom” during Keynesianism. As labor shortages became more severe, accompanied by stagflation and the simultaneous urban, fiscal, and oil crises of the late 60s and early 70s, key sectors of the U.S. economy rallied to dismantle established Keynesian policies. While the new policies associated with laissez–faire economic liberalism certainly aided in the mobility of capital, the overall economy as a result of this neoliberal turn became increasingly unstable and inequitable. This article seeks to add knowledge to the neoliberalism theory. The author concludes, based on a historical case study of the Savings and Loans industry, that neoliberalism was not a deterministic overthrow of neoliberal ideologues but a haphazard response to the contradictions of Keynesian logic. It is only from a historical approach that we may be able to understand the current housing crisis, foster policy innovation, and allow for institutional change within the U.S. mortgage market sector.

Financial Crisis American Style

2009 ◽  
Vol 8 (3) ◽  
pp. 146-170 ◽  
Author(s):  
Barry Bosworth ◽  
Aaron Flaaen
Keyword(s):  
Financial Crisis ◽  
Interest Rates ◽  
The United States ◽  
Mortgage Market ◽  
Secondary Market ◽  
Domestic Investment ◽  
Regulatory Structure ◽  
Public Deficit ◽  
Export Sector ◽  
The U.S

This paper reviews some of the research on the causes of the financial crisis of 2008–09, highlights the key events that triggered a financial panic in September 2008, and summarizes the key policy actions that the United States has taken to ameliorate the crisis. We document the characteristics and growth of the sub-prime mortgage market, and the distorted incentives and flawed regulatory structure surrounding the secondary market for mortgage-backed securities. We also assess the role for macroeconomic determinants of the crisis that serve to explain the bubble in U.S. asset prices, most notably low global interest rates attributed to either loose monetary policy or excess global saving. Although low global interest rates may have contributed to the boom in housing markets and speculative excesses, we believe that the financial innovations and microeconomic distortions played a more fundamental role. Finally, a recovery marked by higher private saving, weak domestic investment, and a large public deficit appears to be unsustainable. Ultimately, the U.S. economy will need to shift about 3 percent of GDP from domestic consumption to the export sector. This will pose some serious challenges to Asian economies that have come to rely on exports to the U.S. market.

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