Housing Policy, Mortgage Policy, and the Federal Housing Administration

Measuring and Managing Financial Risk, University of Chicago Press, Forthcoming

Posted: 26 Nov 2012

See all articles by Dwight M. Jaffee

Dwight M. Jaffee

University of California, Berkeley - Finance Group; National Bureau of Economic Research (NBER)

John M. Quigley

University of California, Berkeley, College of Letters & Science, Department of Economics (Deceased); University of California, Berkeley, Haas School of Business, Real Estate Group (Deceased)

Date Written: May 1, 2009

Abstract

This paper provides a survey of federal housing programs, establishing the primary importance of indirect and off-budget activities in promoting housing and providing subsidies to housing consumers. We consider the role of the Government Sponsored Enterprises (GSE's) and the Veterans’’ Administration in supplying liquidity and credit guarantees. We then consider in more detail the role of the FHA as supplier and guarantor of credit. We especially focus on the rationale for these activities in the light of the rise and subsequent collapse of the subprime mortgage market. We suggest that a reinvigorated FHA mortgage program will be highly useful in its own right and might be the appropriate agency to assume many of the activities currently undertaken by the GSE's.

Suggested Citation

Jaffee, Dwight M. and Quigley, John M., Housing Policy, Mortgage Policy, and the Federal Housing Administration (May 1, 2009). Measuring and Managing Financial Risk, University of Chicago Press, Forthcoming, Available at SSRN: https://ssrn.com/abstract=1480223

Dwight M. Jaffee

University of California, Berkeley - Finance Group ( email )

Haas School of Business
545 Student Services Building
Berkeley, CA 94720
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

John M. Quigley (Contact Author)

University of California, Berkeley, College of Letters & Science, Department of Economics (Deceased) ( email )

Berkeley, CA 94720-3880
United States
510-643-7411 (Phone)
510-643-7357 (Fax)

University of California, Berkeley, Haas School of Business, Real Estate Group (Deceased) ( email )

Berkeley, CA 94720-1900
United States

Here is the Coronavirus
related research on SSRN

Paper statistics

Abstract Views
329
PlumX Metrics