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Written Testimony of David K. Min Before the United States House of Representatives Committee on Financial Services, 'Beyond GSEs: Examples of Successful Housing Finance Models Without Explicit Government Guarantees'

23 Pages Posted: 18 Jun 2013 Last revised: 19 May 2015

David Min

University of California, Irvine School of Law; University of California, Irvine School of Law; University of California, Irvine School of Law

Date Written: June 12, 2013

Abstract

Written testimony on the topic of alternative housing finance models. This paper makes the following seven points: 1. Government guarantees are universal. 2. European covered bonds are best thought of as government-sponsored obligations. 3. Government guarantees are prevalent because they address key market failures in housing finance. 4. There is no perfect housing finance model. 5. The common thread in global housing bubbles was financial deregulation. 6. Explicit, ex ante guarantees are preferable to implicit, ex post guarantees. 7. Given U.S. political priorities, improving the status quo may be preferable to importing other models.

Suggested Citation

Min, David, Written Testimony of David K. Min Before the United States House of Representatives Committee on Financial Services, 'Beyond GSEs: Examples of Successful Housing Finance Models Without Explicit Government Guarantees' (June 12, 2013). UC Irvine School of Law Research Paper No. 2013-115. Available at SSRN: https://ssrn.com/abstract=2279371 or http://dx.doi.org/10.2139/ssrn.2279371

David Min (Contact Author)

University of California, Irvine School of Law ( email )

401 E. Peltason Dr.
Ste. 1000
Irvine, CA 92697-1000
United States

University of California, Irvine School of Law ( email )

401 E. Peltason Dr.
Ste. 1000
Irvine, CA 92697-1000
United States

University of California, Irvine School of Law ( email )

401 E. Peltason Dr.
Ste. 1000
Irvine, CA 92697-1000
United States

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