Financial Restructuring to Sustain Recovery by Baily Martin Neil;Herring Richard J.;Seki Yuta;Herring Richard J.;

Author:Baily, Martin Neil;Herring, Richard J.;Seki, Yuta;Herring, Richard J.;
Language: eng
Format: epub
Publisher: Brookings Institution Press

* * *

This paper is based on our book, Fixing the Housing Market (Allen, Barth, and Yago 2012). We gratefully acknowledge the excellent assistance provided by Nan (Annie) Zhang, a research assistant at the Milken Institute.

1. McKinsey & Company (2009).

2. National Association of Home Builders (www.nahb.org/generic.aspx?genericContentID=66226).

3. Peterson Institute for International Economics (2012).

4. Global Property Guide (2011).

5. Shiller (2007).

6. Fine (1951).

7. Rabinowitz (2002).

8. According to Collins and Margo (1999), “In 1900, only 16 percent of all white male household heads held a mortgage and only 6 percent of blacks did, but by 1990, 57 percent of whites held a mortgage compared to 43 percent of blacks.” The rate of owner occupancy for African Americans was 8 percent in 1870 and 54 percent in 2007 (Collins and Margo 2011).

9. National Archives and Records Administration (2010).

10. Credit unions did not come into existence until the early 1900s.

11. Bodfish (1931, pp. 95–96).

12. Bodfish (1931, p. 7).

13. According to Bodfish (1935, p. 22), “One-half of the counties in the United States as a result of the Great Depression now had no mortgage loan institutions or facilities.”

14. Bodfish (1935, p. 21).

15. Frederiksen (1894).

16. Frederiksen (1894).

17. Allen and Yago (2010) and Paulson (2008).

18. For further discussion, see Bernanke (2009).

19. Haines and Goodman (1991).

20. See “Bricks and Slaughter, A Special Report on Property,” Economist, March 5, 2011.

21. Lea (2010b).

22. Fisher and Jaffe (2003).

23. Bardhan and Edelstein (2009) and Lea (2010a).

24. Green and Wachter (2005).

25. According to Ergungor (2011), the fiscal year 2010 budget indicates that the “U.S. government will spend $780 billion in tax expenditures over the next five years to subsidize housing through mortgage interest and property tax deduction.”

26. Pollock (2010).

27. Office of Thrift Supervision (2011).

28. FICO scores are named for the company that developed and sells them. The FICO Company was originally called Fair, Isaac and Company.

29. Summers (2007).

30. Lea (2010c).

31. See Lea (2010c) and Ellis (2008).

32. See Ellis (2008).

33. Barth and others (2009).

34. Barth and others (2009).

35. Lea (2010c).

36. Lea (2010c).

37. United Nations (2012).

38. Joint Center for Housing Studies (2010).

39. Rybczynski (2010).

40. Committee on the Global Financial System (2006).

41. Congressional Budget Office (2009).

42. McIlwain (2010) and Barth and others (2009).

43. England (2010).

44. See Adam Tempkin, “IFR-Sequoia Deal Bolsters Case for RMBS Revival,” Reuters, March 1, 2011.

45. Mortgage Finance Study Group (2011).

46. Wallison, Pollock, and Pinto (2011).

47. Allen and Yago (2010).

48. This discussion is based largely on a financial innovations lab conducted for the Ford Foundation in 2009. REO Financial Innovations Lab, Milken Institute, February 2009.

49. For other interesting financing models, see Boyce, Hubbard, and Mayer (2011) and Shiller and others (2011).

50. Rice and Sard (2009).

51. Li and Yi (2007).

52. Chiquier and Lea (2009).

53. Ge (2009).

54. Milken Institute (2009).

55. United Nations Human Settlements Program (2008, pp. 13–15).

56. Escobar and Merrill (2004).

57. Gyntelberg and Remolona (2006).

58. National Development Council (2008).

59. A full discussion of all these measures can be found in Fabozzi and Choudhry (2004).

60. NREL (2010).

61. White House Council on Environmental Quality (2009).

62. Phelps and Tilman (2010).

63. Ducka, Muellbauer, and Murphy (2011).

64. Barth and others (2003).

65. Hernando de Soto, “The Destruction of Economic Facts,” Bloomberg Business Week, April 28, 2011.

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.