NDLI: The FHA and the GSEs as Countercyclical Tools in the Mortgage Markets

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The FHA and the GSEs as Countercyclical Tools in the Mortgage Markets

Content Provider	Scilit
Author	Passmore, Stuart Wayne Sherlund, Shane M.
Copyright Year	2018
Description	Journal: SSRN Electronic Journal The authors examine the connection between government mortgage programs and economic outcomes during and after the financial crisis. They find a strong correlation between counties that participated more heavily in Federal Housing Administration (FHA)/Veterans Affairs (VA) and government-sponsored enterprise (GSE) mortgage lending before the crisis and better economic outcomes during and after the crisis. Although the financial crisis was a substantial shock to all counties, those more reliant on FHA/VA or GSE lending experienced smaller increases in unemployment rates; smaller declines in new automobile purchases, home prices, home sales, and mortgage purchase originations; and smaller increases in mortgage delinquency rates. Moreover, the authors find that the FHA was a more effective countercyclical tool during and after the 2007-09 financial crisis than the GSEs. This finding may have implications for GSE reform: Greater access to government backing during crises may mitigate tighter underwriting standards and rising securitization costs in mortgage markets.
Related Links	https://www.newyorkfed.org/medialibrary/media/research/epr/2018/epr_2018_fha-and-gses_passmore.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=3298959
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.3298959
Journal	SSRN Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2018-12-01
Access Restriction	Open
Subject Keyword	Journal: SSRN Electronic Journal Industrial Relations Financial Crisis Great Recession Government Policy
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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