These essays are authored by experts with a track record of thoughtful engagement on the complex and controversial issue of housing finance reform. The essays address the future housing finance system post–GSE conservatorship and explain how the authors think we could get there. The authors also address how the system they envision will help underserved communities and households. The goal of the incubator is to advance the discussion and identify new areas of agreement that may help break us out of the narrow dialectical framework we've had to date.
The Housing Credit Availability Index (HCAI), introduced in November 2014, is an objective, transparent, and precise measurement of mortgage credit availability. The HCAI assesses lenders’ tolerance for both borrower risk and product risk, calculating the percentage of owner-occupied purchase loans that are likely to default. By evaluating lending standards and market conditions, the HCAI provides insight into how hard it is to get a loan. The HCAI is updated quarterly and covers the mortgage market from the first quarter of 1998.
Access and Affordability
How has access to mortgage credit changed in the years since the market’s collapse in 2008, and what can be done to ensure that creditworthy households have access to safe and affordable loans? This body of work examines the state of the credit box and comments on proposals and policy changes affecting families’ ability to achieve homeownership, such as Federal Housing Administration and government-sponsored enterprise (GSE) underwriting criteria, borrower relief programs, the impact of the proposed qualified residential mortgage rule, and eminent domain.
Bringing Private Capital Back to the Mortgage Market
Government institutions have backed more than three-quarters of all loan originations and more than 95 percent of mortgage-backed securities since 2008. What can policymakers and industry leaders do to bring private capital back into the system and reduce risk to taxpayers? A series of papers explores topics such as representations and warranties and GSE risk-sharing deals.
The quarterly Detroit Housing Tracker monitors the latest happenings in Detroit housing and community development. It features Detroit News and Detroit Housing Market Trends.
This monthly chartbook provides timely metrics and quick, accessible analysis on the state of the housing finance market. The chartbook brings together housing and housing finance policy and enhances evidence-based decisionmaking.
Housing Finance Reform
In the wake of the Great Recession, Fannie Mae and Freddie Mac (the GSEs), though in conservatorship, are still intact, with taxpayer dollars standing behind them. In an initial white paper and a subsequent paper, HFPC scholars are actively contributing to GSE reform and the design of the future state of housing finance in the United States.