Stabilizing the System of Mortgage Finance in the United States

August 8, 2017

Preview Citation

Format: Chicago

Richard Koss. Stabilizing the System of Mortgage Finance in the United States, (USA: International Monetary Fund, 2017) accessed March 26, 2025

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

It has been over a decade since the peak of house prices in the US was attained, and while there has been a concerted regulatory response to the subsequent collapse, the two Government Sponsored Enterprises (GSEs) remain in conservatorship. While this action served to forestall a deeper crisis at the time, over the past several years risks related to the system of mortgage finance can be seen building across several dimensions that need to be addressed. While reforms to the GSEs are an important part of dealing with these concerns, this paper argues that broader changes need to be made across the entire mortgage landscape to stabilize the system, even before the final state of the GSEs is fully determined.

Subject: Banking, Credit, Financial institutions, Housing, Loans, Money, Mortgages, National accounts, Securities

Keywords: Bank, Capital Markets, Credit, CRT securities, Fannie Mae MBS prospectus, Fannie Mae share, Federal Reserve stress tests, FHA loan, Ginnie securities count, Global, GSE, GSE regulator, Housing, Loans, Mortgage, Mortgage market, Mortgages, Securities, United States, WP, Yield gap

Publication Details

Pages:

31
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2017/186
Stock No:

WPIEA2017186
ISBN:

9781484312544
ISSN:

1018-5941

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