At Monday's FSOC meeting, council members said that they would review and work to improve the designation process. One key area for improvement is that the council must provide well-reasoned justifications as to why it chooses to designate a firm as systemically important. The FSOC has thus far demonstrated an inability to provide a convincing answer to this basic question.
The release of data on mortgage originations collected under the Home Mortgage Disclosure Act has given rise to a number of articles that cite "racial disparities" in loan denial and approval rates. But do these numbers represent differences arising from the application of consistent credit standards to various groups, or are they disparities that arise from inconsistent credit standards?
Reflecting on the century since the first International Union for Housing Finance (IUHF) meeting in 1914, we are of course struck by how much things change and keep changing. In this context, we should consider the definition of “a period of transition,” from the economist, Jacob Viner. It is this:...
Although the FSOC has not made public any standards for how it determines whether a financial firm should be designated as a SIFI, the IAIS methodology provides compelling evidence that MetLife should not have been designated. Nevertheless, the MetLife designation was foreordained, because the FSOC appears to be following the directions of the FSB rather than making its own independent decisions.
The IUHF’s purpose is to provide knowledge, information and understanding about housing finance systems in varying economic, financial, and political contexts, and to compare each of our own narrow institutional assumptions to a broader international perspective, so that we may mutually learn from multiple experiences, experiments, problems, disasters, successes, and innovations.
Housing finance in the United States over the last one hundred years can be divided into three eras: The age of savings and loan institutions (1914-1980), the age of Fannie Mae and Freddie Mac (1980-2008), and the As-Yet Undefined Age (2008-future).
We invite you to join us for this year’s international conference on housing risk — cosponsored by the Collateral Risk Network and AEI International Center on Housing Risk — which will focus on new mortgage and collateral risk measures and their applications.
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