Alex Pollock joined AEI in 2004 after thirty-five years in banking. He was president and chief executive officer of the Federal Home Loan Bank of Chicago from 1991 to 2004. He is the author of numerous articles on financial systems and the organizer of the “Deflating Bubble” series of AEI conferences. In 2007, he developed a one-page mortgage form to help borrowers understand their mortgage obligations. At AEI, he focuses on financial policy issues, including housing finance, government-sponsored enterprises, retirement finance, corporate governance, accounting standards, and the banking system. He is the lead director of CME Group, a director of Great Lakes Higher Education Corporation and the International Union for Housing Finance, and chairman of the board of the Great Books Foundation.
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.
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.
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?