Housing Finance Reform: Private Markets Versus Government Guarantees

2011 ◽  
Vol 01 (04) ◽  
pp. 823-836
Author(s):  
Dwight M. Jaffee
Keyword(s):  
Risk Sharing ◽  
Mortgage Market ◽  
Housing Finance ◽  
Finance Reform ◽  
Fannie Mae ◽  
The Government ◽  
Home Mortgage ◽  
Government Sponsored Enterprises ◽  
Private Markets

This paper evaluates the major alternative proposals for reforming the U.S. home mortgage market assuming that the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mae, will be closed. The paper compares proposals that advocate primary reliance on private markets to take on the GSE functions with proposals that advocate government mortgage guarantees, including a discussion of how these plans differ in terms of duration, scope, and risk-sharing. The paper concludes with a discussion of current government attempts to expedite the modification or refinancing of existing mortgages, including a plan for the transition from the current situation to the long-term reforms.

scholarly journals Analysis of Housing Finance Systems in Turkey

2017 ◽  
Author(s):  
Gülay Selvi Hanişoğlu ◽  
Fidan Güler
Keyword(s):  
Legal Framework ◽  
Mortgage Market ◽  
Housing Finance ◽  
Legal Regulations ◽  
Middle Income ◽  
Finance System ◽  
Mortgage Law ◽  
Sector Work ◽  
Public Sector Work

Housing Finance system has provided funds to households and organizations for buying their homes and premises. There are different type of housing finance systems which are applied by different countries. Housing finance systems can be more efficient, if private sector and public sector work together and harmoniously. Housing Finance system has made considerable progress in Turkey in the last 20 years. Before housing finance system was developed in Turkey, people could have bought houses by combining their retirement allowances and savings. Another method for financing their house, people could have borrowed from relatives or close friends along with their own savings. The Mass Housing Law (Law No: 2985) entered into force in 1984.The main target of the law, to find a solution of the housing problem in Turkey. Law also determines the tasks of the Housing Development Administration (TOKİ). After 2000’s Turkish Banks began to extend long term housing loans, but there was not mortgage system. Due to inadequate saving and income levels, it was not easy to use banking finance system for the low and middle income groups. In 2007, new legal regulations come into force, which is called Mortgage Law, for improving legal framework for borrowers and lenders in the primary markets and also made regulations for integrating primary mortgage market to the capital markets. In our paper, the finance methods and improvements in the housing finance in Turkey have been analyzed evaluating legal regulations and also the methods which is used by banks and other related institutions.

scholarly journals Innovation and the theory of fields

AMS Review ◽  
2021 ◽  
Author(s):  
Neil Fligstein
Keyword(s):  
Field Theory ◽  
Mortgage Market ◽  
Economic Theories ◽  
Mortgage Securitization ◽  
Savings And Loan ◽  
Private Banks ◽  
The Government ◽  
Theory Of Fields ◽  
Government Sponsored Enterprises ◽  
The U.S

AbstractInnovation does not just involve the creation of new products, but also includes the need for new kinds of processes and organizations. Field theory can help us understand why some innovations are more piecemeal and others more revolutionary. It explicitly links innovation to the process of the emergence, adjustment, and transformation of markets (conceived of as fields). To illustrate this perspective, the case of the transition in the U.S. from a mortgage market dominated by savings and loan banks to the emergence of mortgage securitization dominated by the government sponsored enterprises and the largest private banks, is explicated. Field theory helps us understand the logic of this transition and the myriad players and innovations that helped produce a large part of what we consider to be modern finance. The case also shows the limits of economic theories of financial innovation and the sociology of finance. I end with a discussion of how field theory can inform subsequent research on innovation.

Book Reviews

2011 ◽  
Vol 49 (4) ◽  
pp. 1271-1273
Keyword(s):  
New York ◽  
Home Ownership ◽  
New York University ◽  
Wellesley College ◽  
Fannie Mae ◽  
Mortgage Finance ◽  
The Government ◽  
Freddie Mac ◽  
Government Sponsored Enterprises

Daniel K. Fetter of Wellesley College reviews “Guaranteed to Fail: Fannie Mae, Freddie Mac and the Debacle of Mortgage Finance” by Viral V. Acharya, Matthew Richardson, Stijn Van Nieuwerburgh, and Lawrence J. White. The EconLit abstract of the reviewed work begins, “Explores the role of Fannie Mae and Freddie Mac in the 2008 crisis of mortgage finance. Discusses what government-sponsored enterprises do; the dangers of the increasing credit risk that Fannie Mae and Freddie Mac took on during the 1990s and early 2000s; a reduction of standards; systemic risk and the idea that the government-sponsored enterprises were too big to fail; the collapse of Fannie Mae and Freddie Mac; the Federal Reserve and what it can do; the housing finance systems of other countries; how to reform a broken system; and the economics of subsidizing home ownership. Acharya, Richardson, Van Nieuwerburgh, and White are Professors in the Leonard N. Stern School of Business at New York University. Index.”

Too Much Skin-in-the-Game? The Effect of Mortgage Market Concentration on Credit and House Prices

2021 ◽  
Author(s):  
Deeksha Gupta
Keyword(s):  
High Risk ◽  
House Prices ◽  
Housing Markets ◽  
Market Concentration ◽  
Mortgage Market ◽  
The Government ◽  
Government Sponsored Enterprises

Abstract In 2007, as American housing markets started to decline, the government-sponsored enterprises dramatically increased their acquisitions of low FICO and high loan-to-value mortgages. By 2008, the agencies had reversed course by decreasing their high-risk acquisitions. I develop a theory in which large lenders temporarily increase high-risk activity at the end of a boom. In the model, lenders with many outstanding mortgages have incentives to extend risky credit to prop up house prices. The increase in house prices lessens the losses they make on their outstanding portfolio of mortgages. As the bust continues, lenders slowly wind down their mortgage exposure.

scholarly journals The Rescue of Fannie Mae and Freddie Mac

2015 ◽  
Vol 29 (2) ◽  
pp. 25-52 ◽  
Author(s):  
W. Scott Frame ◽  
Andreas Fuster ◽  
Joseph Tracy ◽  
James Vickery
Keyword(s):  
Financial Markets ◽  
Financial Distress ◽  
Financial Stability ◽  
Mortgage Debt ◽  
Extreme Stress ◽  
Fannie Mae ◽  
Short Run ◽  
Home Mortgage ◽  
Freddie Mac ◽  
Government Sponsored Enterprises

The imposition of federal conservatorships on September 6, 2008, at the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation—commonly known as Fannie Mae and Freddie Mac—was one of the most dramatic events of the financial crisis. These two government-sponsored enterprises play a central role in the US housing finance system, and at the start of their conservatorships held or guaranteed about $5.2 trillion of home mortgage debt. The two firms were often cited as shining examples of public-private partnerships—that is, the harnessing of private capital to advance the social goal of expanding homeownership. But in reality, the hybrid structures of Fannie Mae and Freddie Mac were destined to fail at some point, owing to their singular exposure to residential real estate and moral hazard incentives emanating from the implicit guarantee of their liabilities. We describe the financial distress experienced by the two firms, the events that led the federal government to take dramatic action in an effort to stabilize housing and financial markets, and the various resolution options available to US policymakers at the time; and we evaluate the success of the choice of conservatorship in terms of its effects on financial markets and financial stability, on mortgage supply, and on the financial position of the two firms themselves. Conservatorship achieved its key short-run goals of stabilizing mortgage markets and promoting financial stability during a period of extreme stress. However, conservatorship was intended to be a temporary fix, not a long-term solution, and more than six years later, Fannie Mae and Freddie Mac still remain in conservatorship.

Negative Media Effects and Islamic Remedies (Penyelesaian Kepada Kesan Negatif Media Menurut Perspektif Islam)

2010 ◽  
Vol 7 (2) ◽  
pp. 215
Author(s):  
Mohd. Shuhaimi Ishak
Keyword(s):  
Public Relations ◽  
Social Influences ◽  
The Political ◽  
Negative Effects ◽  
Essential Form ◽  
The Media ◽  
The Government ◽  
Effects Of Media ◽  
Political Economic

 Abstract Generally speaking, media is extensively used as the means to disseminate news and information pertaining to business, social, political and religious concerns. A portion of the time and space of media has now become an important device to generate economic and social activities that include advertising, marketing, recreation and entertainment. The Government regards them as an essential form of relaying news and information to its citizens and at the same time utilizes them as a powerful public relations’ mechanism. The effects of media are many and diverse, which can either be short or long term depending on the news and information. The effects of media can be found on various fronts, ranging from the political, economic and social, to even religious spheres. Some of the negative effects arising from the media are cultural and social influences, crimes and violence, sexual obscenities and pornography as well as liberalistic and extreme ideologies. This paper sheds light on these issues and draws principles from Islam to overcome them. Islam as revealed to humanity contains the necessary guidelines to nurture and mould the personality of individuals and shape them into good servants. Key Words: Media, Negative Effects, Means, Islam and Principles. Abstrak Secara umum, media secara meluas digunakan sebagai sarana untuk menyebarkan berita dan maklumat yang berkaitan dengan perniagaan, kemasyarakatan, pertimbangan politik dan agama. Sebahagian dari ruang dan masa media kini telah menjadi peranti penting untuk menghasilkan kegiatan ekonomi dan sosial yang meliputi pengiklanan, pemasaran, rekreasi dan hiburan. Kerajaan menganggap sarana-sarana ini sebagai wadah penting untuk menyampaikan berita dan maklumat kepada warganya dan pada masa yang sama juga menggunakannya sebagai mekanisme perhubungan awam yang berpengaruh. Pengaruh media sangat banyak dan pelbagai, samada berbentuk jangka pendek atau panjang bergantung kepada berita dan maklumat yang brekenaan. Kesan dari media boleh didapati mempengaruhi pelbagai aspek, bermula dari bidang politik, ekonomi, sosial bahkan juga agama. Beberapa kesan negatif yang timbul dari media ialah pengaruhnya terhadap budaya dan sosial, jenayah dan keganasan, kelucahan seksual dan pornografi serta ideologi yang liberal dan ekstrim. Kertas ini menyoroti isu-isu ini dan cuba mengambil prinsip-prinsip dari ajaran Islam untuk mengatasinya. Tujuan Islam itu sendiri diturunkan kepada umat manusia ialah untuk menjadi pedoman yang diperlukan untuk membina dan membentuk keperibadian individu dan menjadikan manusia hamba yang taat kepada Tuhannya. Kata Kunci: Media, Kesan Negatif, Cara-cara, Islam dan Prinsip-prinsip.

The Mortality Rate of COVID-19 in Iraq Compare with Iran and Turkey, its Association with the Bacillus Calmette-Guerin (BCG) vaccine and the Iraqi Preparedness Plan Prior to Pandemics. (Preprint)

2020 ◽  
Author(s):  
Rawand Essa
Keyword(s):  
Middle East ◽  
Mortality Rate ◽  
Daily Basis ◽  
Bcg Vaccine ◽  
Critical Position ◽  
Preparedness Plan ◽  
Contagious Diseases ◽  
History Of ◽  
The Government

BACKGROUND In the span of COVID-19, the mortality rate has been different from one country to another. As a country in the Middle East Iraq has a critical position, lies between Iran and Turkey while both countries coronavirus cases increase on daily basis, while Iranian mortality rate record is high similar to Turkey. After Wuhan city of China, Lombard of Italy, Qum city in Iran has the highest number of COVID-19 as a first country in the Middle East. OBJECTIVE aim of this study is to show the effect of BCG vaccine during pandemic diseases, especially nowadays at the time of COVID-19. One of the crucial observations is the government preparedness and strategic planning prior pandemics, in which the BCG vaccine is an attenuated live vaccine for control of tuberculosis (TB). BCG vaccine has a non-specific immune effect that is used against pathogens like bacteria and viruses, through the promotion of pro-inflammatory cytokines' secretion. METHODS An epidemiological study has been performed, and it shows that some countries are more prone to contagious diseases like COVID-19, regardless of the main cultural, religious, societal similarities among the three mentioned countries. The information data has been collected from WHO reports and worldometer in 18 February 2020 to 10 May 2020. Regarding the efficacy of the BCG vaccine, relevant data has been retrieved from Google scholar, Pub-med and BCG world-atlas. RESULTS COVID-19 mortality rates are at peak in Iran and Turkey while the mortality rate is very low in Iraq, while the patients that died in Iraq all had history of other long-term diseases as heart disease, blood pressure, cancer etc. CONCLUSIONS From the experiences of the three countries in the life span of COVID-19, the historical plan of BCG vaccine in Iraq in cooperation with WHO since the last decades it shows that COVID-19 mortality rate is lower than other countries due to the early vaccination of the Iraqis, otherwise Iraq is more fragile than Iran and Turkey due to the poor conditions of Iraq in terms of economics, politics, war and other aspects.

Analyzing the roles of newspaper articles and tweets to help alleviate sudden physician absenteeism: case study of Takano Hospital in Fukushima in the long-term aftermath of the 2011 Japan’s triple disaster (Preprint)

2020 ◽  
Author(s):  
Akihiko Ozaki ◽  
Yosuke Onoue ◽  
Anju Murayama ◽  
Taishi Tahara ◽  
Yuki Senoo ◽  
...  
Keyword(s):  
News Media ◽  
Median Number ◽  
Medical Doctor ◽  
Fund Raising ◽  
General Context ◽  
Social Media Networks ◽  
Chronological Change ◽  
The Government ◽  
Newspaper Articles

BACKGROUND Rural physician undersupply is a universal concern, leading to sudden physician absenteeism or unavailability on occasion. While media and social networking services may help mitigate these emergencies, information is lacking about their actual contribution in times of physician absenteeism. On December 30, 2016, the director and sole physician of Takano Hospital in Fukushima, Japan, died. The physician’s passing placed many hospitalized patients in danger. This sudden case of physician unavailability, named the Takano Hospital Crisis, provoked massive attention from the general public, in the media and on social media networks such as Twitter. OBJECTIVE The aim of this study was to analyze newspaper articles, tweets and Twitter accounts relating to Takano Hospital Crisis. METHODS Newspaper articles and tweets were searched for keywords associated with Takano Hospital Crisis and its former director between October 2016 and June 2017. We first evaluated the chronological change in the number of articles and tweets, and the number of characters and relevant keywords in the articles. Then tweets and influencers who were popular on the Twitter platform from December 30, 2016 to February 28, 2017, were categorized. RESULTS We assessed 151 newspaper articles and 67,006 tweets. The results show that number of newspaper articles and tweets steeply increased and then diminished within the first month of the incident. The median number of characters in newspapers articles was 436 and the most frequent keyword was medical doctor. There were 753 original tweets that were retweeted more than four times from December 30, 2016 to February 28, 2017. Of these, 245 (32.5%) expressed concern. Notable influencers were journalists, news media outlets, and healthcare professionals that helped with fund raising and providing clinical service in the hospital. CONCLUSIONS Twitter could temporarily function in cases of sudden physician absenteeism to attract volunteers and funding, however, this would not be a long-term solution. In a more general context, a long-term effort of supports from the hospitals themselves and the government will be required to manage the persistent state of physician absenteeism.

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