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Government-Sponsored Enterprises and the Mortgage Crisis: The Role of the Affordable Housing Goals
Government-Sponsored Enterprises and the Mortgage Crisis: The Role of the Affordable Housing Goals
 
Our Price: $20.00
By Valentin Bolotny (au)
Year: 2012
Pages: 33
Binding Paperback
ISBN 978-1-4578-3693-0

Product Code: 1457836939

Description
 
The U.S. mortgage crisis that began in 2007 generated questions about the role played by Fannie Mae and Freddie Mac, the Government-Sponsored Enterprises (GSEs), in its causes. Some have claimed that the Affordable Housing Goals (AHGs), introduced by Congress through the GSE Act of 1992, and the resulting purchases of single-family mortgages the GSEs made to meet those goals, drove lending to high-risk borrowers. The author measured the effect of one of the goals, the Underserved Areas Goal (UAG), on the number of whole single-family mortgages purchased by the GSEs in targeted census tracts from 1996 to 2002. Focusing additionally on tracts that became UAG-eligible in 2005-2006, when the Dept. of Housing and Urban Development (HUD) began to determine eligibility using the 2000 Census, he measured the effect of the UAG on the GSEs' whole single-family mortgage purchases during peak years for the subprime mortgage market. He estimates that the GSEs purchased 0-3%more goal-eligible mortgages than they would have without the UAG in place. Under a second approach, he estimates this effect to be 2.5-5%. The results suggest a small UAG effect and challenge the view that the goals caused the GSEs to supply substantially more credit to high-risk borrowers than they otherwise would have supplied. The analyses suggest that the GSEs' purchases of whole single-family mortgages to satisfy the goals did not drive the subprime lending boom of 2002-2006. Tables and figures. This is a print on demand report.

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