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Federal Reserve Banks of Atlanta and Dallas Conference Explored Housing, Urban Economics
Residential real estate prices rose sharply throughout the United States following the onset of COVID-19 in early 2020. While property owners received a capital gains windfall, first-time buyers and renters have struggled with reduced affordability.
After the Bust, the Long Road to Housing Finance Reform
The Treasury recently released a plan proposing several administrative and legislative changes aimed at returning Fannie Mae and Freddie Mac to the private sector after more than a decade of federal control.
COVID-19 Mortgage Relief—The Role of Income Support
The COVID-19 pandemic has led to a large number of furloughs, layoffs, reductions in hours worked, and wage cuts. Anticipating that many homeowners would consequently have problems paying their monthly mortgage bill, the U.S. Department of Housing and Urban Development ordered all mortgage servicers of federally backed debt to provide forbearance to any homeowners affected by the crisis. In addition, bank regulators encouraged lenders to forbear and restructure mortgages for borrowers affected by the shutdown, actions that staved off an immediate wave of foreclosures. At the end of the ...
COVID-19 Exposes Mortgage Market Vulnerabilities that Led to Volatility, Fed Intervention
The COVID-19-induced financial market shock in March 2020 significantly disrupted the market for agency mortgage-backed securities.
The Long Road to Housing Finance Reform: 'Are We There Yet?'
Over the past decade, broad-based legislative reforms for housing finance have proven elusive. However, reflecting lessons from the financial crisis, a political consensus has emerged on how Fannie Mae and Freddie Mac should operate.
Fed’s Mortgage-Backed Securities Purchases Sought Calm, Accommodation During Pandemic
We explore the Federal Reserve’s purchases of agency MBS—mortgage bonds guaranteed by Ginnie Mae, Fannie Mae and Freddie Mac—and related market dynamics during the pandemic, including why mortgage rates fell to historic lows.
Highly Indebted FHA Borrowers at Special Risk as COVID-19 Forbearance Ends
The situation appears most urgent for those borrowers who entered the crisis with a high debt load and little room to financially navigate without forbearance.
Journal Article
Banking Trends: The Growing Role of CRE Lending
Commercial real estate has grown dramatically as a share of U.S. economic activity and is banks? largest lending category, particularly for small and midsize banks. It is also the riskiest part of bank portfolios. James DiSalvo and Ryan Johnston provide a primer. First in a series.
Rent Inflation Expected to Accelerate Then Moderate in Mid-2023
With housing price moderation, it is important to assess the implications for rent inflation and OER inflation and, in particular, whether they may soon ease and help slow overall inflation.
Inflation in Services Likely to Rise Further Despite Slowing Goods Prices
Given rising demand for in-person services, the slow pass-through of surging house prices to rent and owners’ equivalent rent (OER), and higher health care worker wages, services inflation is likely to increase further.