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Housing Finance At A Glance: A Monthly Chartbook: September 2014 (Fact Sheet / Data at a Glance)
Laurie Goodman, Ellen Seidman, Jim Parrott, Sheryl Pardo, Jun Zhu, Wei Li, Bing Bai, Taz George, Maia Woluchem, Alison Rincon

The September edition of At A Glance, HFPC’s reference guide for mortgage and housing market data, includes updated indicators related to non-agency securitization, regional affordability and access to credit, and the latest GSE risk-sharing deals.

Posted to Web: September 16, 2014Publication Date: September 16, 2014

Examples of Promising Practices for Integrating and Coordinating Eligibility, Enrollment and Retention: Human Services and Health Programs Under the Affordable Care Act (Research Report)
Stan Dorn, Sarah Minton, Erika Huber

States and non-profit organizations have used three approaches to successfully integrate enrollment and retention of health and human services programs: 1. Streamlining one program's eligibility determination based on data from other programs. This approach has helped uninsured children receive and retain health coverage, helped low-income seniors obtain SNAP, and produced state administrative savings. 2. Coordinated administration of multiple programs. Administrative savings resulted when multiple programs integrated their systems for case records, data matching, eligibility rules engines, on-line applications, and benefit payment. 3. Coordinating enrollment. Community colleges exemplify sites for enrolling consumers into multiple health and human services at once.

Posted to Web: September 15, 2014Publication Date: July 21, 2014

Opportunities under the Affordable Care Act for Human Services Programs to Modernize Eligibility Systems and Expedite Eligibility Determination (Research Report)
Stan Dorn, Rebecca Peters

Human services programs can benefit from 90 percent federal funding for information technology investments that are complete by the end of 2015 and that: 1) build a service that helps both Medicaid and human services; or 2) build an interface that helps Medicaid use human services records to verify eligibility or "fast track" enrollment. Once the Affordable Care Act is fully phased in, Medicaid will be the country's most widely-used need-based program. Human services programs can use Medicaid records to streamline eligibility determination, despite limits on information sharing and differences between Medicaid and human services program rules, including household definitions.

Posted to Web: September 15, 2014Publication Date: July 21, 2014

Charting the Course to a Single Security (Commentary)
Laurie Goodman, Lewis Ranieri

The Federal Housing Finance Agency has proposed a thoughtful path to creating a single security for Fannie Mae and Freddie Mac, using the Common Securitization infrastructure, in its August Request for Input. While the proposal would benefit from a more definitive time frame, its many strong provisions make it likely to succeed and benefit taxpayers, borrowers and lenders. A key strength of the proposal is the structural provisions – which ensure that the securities backed by both entities will trade equivalently, ending the costly subsidies Freddie has been forced to pay to stay competitive. Ultimately, moving toward this single security should make the market more responsive to borrower and lender needs, boost competition, increase the availability of mortgage credit and potentially help pave the way for GSE reform.

Posted to Web: September 03, 2014Publication Date: September 03, 2014

HARP Significantly Reduced Mortgage Default Rates (Commentary)
Jun Zhu

This commentary discusses the impact of the federal government's Home Affordable Refinance Program (HARP) on mortgage loan default rates between April 2009 and November 2011. We analyze a unique borrower-level data set from Freddie Mac and conclude that HARP more than halved the default rate, a material and significant improvement.

Posted to Web: September 03, 2014Publication Date: September 03, 2014

Putting Mortgage Insurers on Solid Ground (Research Report)
Mark M. Zandi, Jim Parrott, Cristian deRitis

The mortgage insurance industry plays an important role in the housing finance system, providing insurance against default by borrowers with low down payment loans. The industry struggled during the housing bust, and while it has done much to shore up its financial health in the subsequent recovery, more needs to be done to strengthen and stabilize the industry if it is to play the central role in the housing finance system that many envision for it. The Private Mortgage Insurance Eligibility Requirements, recently put forth by Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency, are intended to do precisely that. A thoughtful effort, these standards should succeed in ensuring that private mortgage insurers are strong counterparties to the government-sponsored enterprises and a much improved bulwark against excessive risk in the system. Several features of the rules as currently written, however, would likely unnecessarily increase costs and cyclicality in the mortgage and housing markets. With a few modest changes, these flaws can be remedied without sacrificing the considerable benefits of the new standards.

Posted to Web: August 26, 2014Publication Date: August 26, 2014

Homeless LGBTQ Youth (Research Brief)
Mary K. Cunningham, Mike Pergamit, Nan Astone, Jessica Luna

Lesbian, Gay, Bisexual, Transgender, or Questioning (LGBTQ) youth are over-represented among the homeless youth population. Researchers and practitioners are working to improve data on homeless youth, especially LGBTQ youth, across the country. This brief summarizes the findings on LGBTQ homeless youth counted during the 2013 YouthCount!, a federal interagency initiative that aims to improve counts of unaccompanied homeless youth. The brief also shares best practices on how to improve counts of LGBTQ homeless youth, and areas where policymakers can act to improve LGBTQ youth outcomes.

Posted to Web: August 21, 2014Publication Date: August 21, 2014

Housing Finance At A Glance: A Monthly Chartbook: August 2014 (Fact Sheet / Data at a Glance)
Laurie Goodman, Ellen Seidman, Jim Parrott, Sheryl Pardo, Jun Zhu, Wei Li, Bing Bai, Taz George, Maia Woluchem, Alison Rincon

The August edition of At A Glance, our reference guide for mortgage and housing market data, includes a special quarterly feature of Fannie Mae and Freddie Mac loan composition, default rates, and repurchase activity.

Posted to Web: August 20, 2014Publication Date: August 20, 2014

A Realistic Assessment of Housing Finance Reform (Commentary)
Laurie Goodman

In August 2008, the GSEs went into conservatorship, and the clear intent was that they were never going to re-emerge; a new system, with a larger role for private capital providers was to take its place. Nearly six years later, GSE reform remains a dream: the government essentially guarantees 80% of new mortgage debt, and credit availability is limited. In this paper, we take a look at the current system, evaluate the proposals for GSE reform, and offer some thoughts on what is being done and what more can be done without a legislative solution.

Posted to Web: August 18, 2014Publication Date: August 01, 2014

Guarantee Fees - An Art, Not a Science (Commentary)
Laurie Goodman, Jim Parrott, Ellen Seidman, Jun Zhu

This commentary examines the potential impact of increasing the guarantee fees that Fannie Mae and Freddie Mac charge lenders. We identify the three most important assumptions made in determining the fees, conclude that transparency regarding these assumptions is critical, and that, under any reasonable set of assumptions, the fees should not be increased for the least risky loans. We also conclude that the GSEs' mission should be taken into account in determining the appropriate capital requirement.

Posted to Web: August 14, 2014Publication Date: August 14, 2014

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