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The Journal of Structured Finance

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Article

The Future of U.S. Housing Finance:
Five Points of View

Emile J. Brinkmann, Laurie S. Goodman, James B. Lockhart, David Min, Edward J. Pinto, Alex J. Pollock, Peter J. Wallison and Henry A. Davis
The Journal of Structured Finance Summer 2011, 17 (2) 36-80; DOI: https://doi.org/10.3905/jsf.2011.17.2.036
Emile J. Brinkmann
is senior vice president of research and economics at the Mortgage Bankers Association in Washington, DC.
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  • For correspondence: jbrinkmann@mortgagebankers.org
Laurie S. Goodman
is senior managing director at Amherst Securities Group LP in New York, NY.
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  • For correspondence: lgoodman@asglp.com
James B. Lockhart
is vice chairman at W.L. Ross & Co. in New York, NY.
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  • For correspondence: jlockhart@wlross.com
David Min
is an associate director for financial markets policy at the Center for American Progress in Washington, DC.
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  • For correspondence: dmin@americanprogress.org
Edward J. Pinto
is a resident fellow at the American Enterprise Institute in Washington, DC.
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  • For correspondence: epinto@aei.org
Alex J. Pollock
is a resident fellow at the American Enterprise Institute in Washington, DC.
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  • For correspondence: apollock@aei.org
Peter J. Wallison
is Arthur F. Burns Fellow in Financial Policy Studies at the American Enterprise Institute in Washington, DC.
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  • For correspondence: pwallison@aei.org
Henry A. Davis
Editor,
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  • For correspondence: hdresearch@aol.com
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Abstract

Recently, the federal government, industry associations, and research and policy organizations have been analyzing strengths and weaknesses of the previous U.S. housing finance system, the housing-related causes of the financial crisis, the failure of Fannie Mae and Freddie Mac, and the current market structure so as to recommend ways the housing finance system might be changed in the future. This article presents five points of view on the future structure of housing finance from leading experts. Two of the co-author teams recommend a private model, and three recommend a public–private model. Two of those recommending a public– private model recommend private mortgage insurers with a government backstop to guarantee mortgage-backed securities but not the insurers; the third envisions private mortgage insurers backed up by contracts similar to credit default swaps for mortgage credit risk, managed by a government-owned clearing house. Four would essentially eliminate the GSEs as we know them today, while one would retain a lot of the GSEs’ infrastructure for the securitization process. All five, explicitly or by implication, would place low-income home ownership programs on the government budget in the FHA or another government entity; one of the five would fund some of those programs through a market access fund.

  • © 2011 Institutional Investor, Inc.
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The Journal of Structured Finance: 17 (2)
The Journal of Structured Finance
Vol. 17, Issue 2
Summer 2011
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The Future of U.S. Housing Finance:
Five Points of View
Emile J. Brinkmann, Laurie S. Goodman, James B. Lockhart, David Min, Edward J. Pinto, Alex J. Pollock, Peter J. Wallison
The Journal of Structured Finance Jul 2011, 17 (2) 36-80; DOI: 10.3905/jsf.2011.17.2.036

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The Future of U.S. Housing Finance:
Five Points of View
Emile J. Brinkmann, Laurie S. Goodman, James B. Lockhart, David Min, Edward J. Pinto, Alex J. Pollock, Peter J. Wallison
The Journal of Structured Finance Jul 2011, 17 (2) 36-80; DOI: 10.3905/jsf.2011.17.2.036
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  • Article
    • Abstract
    • Underwater: Are We Drowning or Surfacing?
    • MEDICARE, MEDICAID, AND SOCIAL SECURITY
    • GETTING ABOVE WATER
    • UNDERWATER MORTGAGES
    • FUTURE OF THE MORTGAGE MARKET
    • ALTERNATIVES FOR THE GSE’s FUTURE
    • PROPOSED APPROACH
    • CONCLUSION
    • Taking the Government Out of Housing Finance: Principles for Reforming the Housing Finance Market
    • PRINCIPLE I
    • PRINCIPLE II
    • PRINCIPLE III
    • PRINCIPLE IV
    • OTHER POLICY CHOICES TO CONSIDER
    • MULTI-FAMILY HOUSING FINANCE
    • GSE Reform: The “Government as Credit Intermediary” Alternative
    • PROPOSALS—HOUSING MARKET REFORM
    • PREMISES UNDERLYING THE “GOVERNMENT AS CREDIT INTERMEDIARY” GSE REFORM ALTERNATIVE
    • THE “GOVERNMENT AS CREDIT INTERMEDIARY” GSE REFORM ALTERNATIVE
    • HOW WOULD PRIVATE MARKET RISK PRICING WORK?
    • ADVANTAGES OF THE “GOVERNMENT AS CREDIT INTERMEDIARY” GSE REFORM ALTERNATIVE
    • MBA’s Plan: A Balanced Approach to Restoring the Secondary Market for Mortgages
    • QUESTION 1
    • QUESTION 2
    • QUESTION 3
    • QUESTION 4
    • QUESTION 5
    • CONCLUSION
    • A Strong Housing System Relies on a Solid Foundation: Meeting the Cornerstone Principles of Mortgage Finance Reform
    • THE “PRIVATIZATION” OPTIONS FAIL TO MEET THE PRINCIPLES FOR MORTGAGE FINANCE REFORM
    • THE MFWG FRAMEWORK FOR REFORM
    • CONCLUSION
    • EDITOR’S NOTE
    • ENDNOTES
    • REFERENCES
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