Abstract
An economist at Fannie Mae discusses the challenges facing the housing market and the role of economics in helping to inform decision makers in this key area. The use of scenario analysis and surveys are two examples of the types of activity currently underway. In the midst of a policy debate over the future of housing finance, there is a well focused effort to stabilize the system.
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Notes
Fannie Mae is a government-sponsored enterprise chartered by Congress to keep money flowing to mortgage lenders, to help strengthen the U.S. housing and mortgage markets, and to support affordable homeownership. Fannie Mae operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by purchasing or guaranteeing mortgage loans originated by mortgage bankers and other lenders so that they may lend to home buyers. Similarly, it works to keep funds flowing to support affordable rental housing.
See recent monthly and quarterly Fannie Mae National Housing Surveys at http://www.fanniemae.com/portal/research-and-analysis/housing-monthly.html?
References
Duncan, Doug, and Orawin T. Velz . 2011. “Economy at a Crossroads.” Fannie Mae Economics and Mortgage Market Analysis, October, http://www.fanniemae.com/resources/file/research/emma/pdf/Summary_101711.pdf.
Kaufman, Henry . 2011. “The Recurring Irresponsible Financial Behavior.” Comments Before the Carnegie Council, June 20, http://www.carnegiecouncil.org/resources/transcripts/0412.html.
Koss, Richard . 2008. “Economists in a World of Financial Ruin.” Business Economics, 43 (4): 57–58.
Reinhart, Carmen, and Kenneth Rogoff . 2009. This Time is Different: Eight Centuries of Financial Folly. Princeton University Press.
Additional information
*Richard Koss is Fannie Mae's Director of Mortgage Market Analysis. In this leadership role, Koss provides strategic insight to the economic, housing, and mortgage market forecasts and analyzes and serves as one of the company's thought leaders internally and with external constituent groups. Prior to joining Fannie Mae, Koss spent over 20 years in senior positions on Wall Street, most recently as Senior Vice President and Director of Global Investments at Brown Brothers Harriman (BBH). Prior to joining BBH in 1998, Koss worked as Senior Advisor to the General Motors financial staffs in NY and was Staff Economist at the Council of Economic Advisers under Chairman Alan Greenspan. He is Chairman of the Conference of Business Economists, a member of the International Conference of Commercial Banking Economists, and the Economic Club of NY. He is also a fellow of Chatham House, the leading European Foreign Policy think-tank. Koss received his Ph.D. in Economics from the University of Pennsylvania and his B.S. in Mathematics and Statistics from Case Western Reserve University.
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Koss, R. Economists in a World of Shaky Recovery. Bus Econ 47, 82–83 (2012). https://doi.org/10.1057/be.2011.31
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DOI: https://doi.org/10.1057/be.2011.31