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Experts from the US, Europe, Canada, and Asia will address efforts to moderate housing cycles using countercyclical lending policies.
The Corker-Warner bill does a creditable job—certainly the best of any current proposal for a government-backed system—in insulating the taxpayers from risk. But Congress has to face the fact, made plain by what happened with Fannie Mae and Freddie Mac that any plan in which the government covers "catastrophic losses" is fatally flawed.
The WSJ reported today (Tuesday, June 4) that the FHA had conducted a previously undisclosed stress test which found FHA losses could hit $115 billion under the Federal Reserve bank stress test.
The biggest question with the $10 trillion U.S. housing finance sector is what to do with the government-sponsored enterprises that have recently attained even greater monopoly power. Here’s a way to move beyond the political stalemate.
The housing market is finally recovering from the six-year bust triggered by massive over-leveraging induced by bubble prices. To confront future over-leveraging now, we need to implement a counter-cyclical bubble controller.
In another example of the Federal Housing Administration’s (FHA’s) mission failure, the redefault rate after 12 months on government-guaranteed modifications (government mods) hovers around 40 percent for loans modified in 2010, 2011, and 2012. This is yet another example of the nightmare at FHA—policies that promote a cycle of failure for working-class families.
As wards of the government, Fannie and Freddie became even more dominant in the mortgage market than they had been before. Almost everybody agrees that they should neither stay in government conservatorship nor return to their former GSE status. But how do we get off the tiger?
Bringing private capital back to fund mortgages and take on credit risk is an essential element of housing finance reform, particularly with respect to reform of the government-sponsored enterprises (GSEs) of Fannie Mae and Freddie Mac.
Join New York Times columnist David Brooks as he engages the authors of “Brainwashed: The Seductive Appeal of Mindless Neuroscience” Sally Satel and Scott Lilienfeld, in a discussion of popular neuroscience.
Please join us for a preview of the revised and updated edition of Jonathan Nuechterlein and Philip Weiser’s influential 2005 book “Digital Crossroads: Telecommunications Law and Policy in the Internet Age” (MIT Press).
At this event, three expert panelists will examine this relationship from the perspectives of influential philosophers such as Aristotle, Alexis de Tocqueville, and representatives of the Scottish Enlightenment.
This event has been canceled. We apologize for any inconvenience.
At this event, Bennett and Wilezol will present their book, higher education finance experts Richard George and Richard Vedder will provide discussion, and a coffee reception and book signing will follow.
Join General Michael Hayden (ret.), AEI’s Marc Thiessen, and other leading experts in national security for a panel discussion on the significance of the NSA leaks.
Please join us for an event celebrating the release of Glenn Hubbard and Tim Kane’s “Balance: The Economics of Great Powers from Ancient Rome to Modern America” (Simon & Schuster, May 2013).
In light of the emerging Internal Revenue Service scandal, Senator McConnell will again join AEI to comment on the use of government power to stifle speech and will propose solutions that protect the individual rights that are guaranteed to all citizens of the United States.