Journal Article

Introduction to Special Issue: The Appropriate Role of Government in U.S. Mortgage Markets

Abstract: The U.S. mortgage finance system was one of the focal points of the 2007-08 financial crisis, yet legislative decisions about the appropriate role of the federal government in the system remain unsettled. Policy deliberations have focused on Fannie Mae and Freddie Mac?the two enormous government-sponsored enterprises that were placed into federal conservatorship in September 2008. The two GSEs have long been the centerpieces of a mortgage finance system that relies on capital market financing of U.S. residential mortgages. This volume contains eight articles that touch on several key components of housing finance reform. We hope that the insights offered here will assist legislative efforts aimed at promoting a more efficient, equitable, and financially sound mortgage system in the future.

Keywords: mortgages; housing finance; Freddie Mac; financial crisis; Fannie Mae; government intervention;

JEL Classification: G21; G28; G01; G22; H12;

Bibliographic Information

Provider: Federal Reserve Bank of New York

Part of Series: Economic Policy Review

Publication Date: 2018

Issue: 24-3

Pages: 1-10