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Full-Text Articles in Law
Who Should Be Providing Mortgage Credit To American Households?, David J. Reiss
Who Should Be Providing Mortgage Credit To American Households?, David J. Reiss
David J Reiss
Who should be providing mortgage credit to American households? Given that the residential mortgage market is a ten-trillion-dollar one, the answer we come up with had better be right, or we may suffer another brutal financial crisis sooner than we would like. Indeed, the stakes are as high as they were in the Great Depression when the foundation of our current system was first laid down. Unfortunately, the housing finance experts of the 1930s seemed to have a greater clarity of purpose when designing their housing finance system. Part of the problem today is that debates over the housing finance …
The Future Of Fannie And Freddie, David J. Reiss
The Future Of Fannie And Freddie, David J. Reiss
David J Reiss
This is a transcript of a panel discussion titled, “The Future of Fannie and Freddie.” The panelists were Dr. Mark Calabria from the Cato Institute; Professor David Reiss from Brooklyn Law School; Professor Lawrence White from NYU Stern School of Business; Dr. Mark Willis from NYU’s Furman Center for Real Estate and Urban Policy. The panel was moderated by Professor Michael Levine from NYU School of Law. Panelists looked at economic policy and future prospects for Fannie and Freddie. My remarks focused on the goals of housing finance policy.
Comment On Enterprise Duty To Serve Underserved Markets, David J. Reiss
Comment On Enterprise Duty To Serve Underserved Markets, David J. Reiss
David J Reiss
FHFA invited further comment on the merit of considering properties without affordable use restrictions as part of the Enterprises’ duty to serve, noting that affordable housing preservation “encompasses efforts to keep unsubsidized properties in good condition while maintaining affordability for low- and moderate-income households.” (Page 32102)
FHFA should be certain that any aid given to buildings without affordable use restrictions will actually be passed on in large part to their tenants, whether through lower rents or improved conditions. I question whether that is in fact the case.
There are two main rationales for subsidizing multifamily buildings without affordable use restrictions. …