Markets In Transition

COMMENTARY

Smith Finance Expert Proposes Steps, Rationale to Undo Federal Takover of Twin Mortgage Giants

Professor Cliff Rossi laid out steps to take mortgage giants, Freddie and Fannie, out of conservatorship on Capitol Hill on October 3, 2014.

Read the full paper here.

State of the Housing Market: Removing Barriers to Economic Recovery

Phillip Swagel testifies before the Senate Committee on Banking, Housing, and Urban Affairs on February 9, 2012.

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Increasing the Role of the Private Sector in Housing Finance
By Phillip Swagel
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This paper proposes reforms of the U.S. housing finance system to increase the role of private capital in funding housing, reduce taxpayer exposure to housing risk, sell off the government stakes in the mortgage finance firms of Fannie Mae and Freddie Mac, and charge appropriate premiums for secondary insurance provided by the U.S. government on housing securities.

Reforming the GSEs: Where’s the Beef?
by Cliff Rossi
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The much anticipated joint report from Treasury and HUD last week on reforming mortgage markets in the end was short on specific recommendations but had a options that would sharply limit government involvement in housing and long-term. The report also offered some introspection into the causes of the GSEs’ demise including a lack of credit discipline, particularly late in the housing bubble administration lost a prime opportunity for laying out a comprehensive strategy for getting the housing market back on track.

Bank Supervision: Penny Wise & Pound Foolish?
by Cliff Rossi
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Seemingly pervasive deficiencies at mortgage servicers and their associated vendors to properly process foreclosure documents point to a serious but little known set of facts.

Pulling Back the Veil on Foreclosures
by Cliff Rossi
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Today’s headlines showing that foreclosures have reached record levels punctuate the widening debate over the causes and cures of the ongoing foreclosure crisis…

 

Consumer Protection and Regulatory Changes in the Dodd-Frank Bill
by Ethan Cohen-Cole
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Summary: On 21 July 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank” or “Act”).

 

WORKING AND WHITE PAPERS

A Way Forward on the Housing Crisis
by Clifford Rossi
Download Executive Summary
Download White Paper
Watch related video

Inside Debt, Bank Default Risk and Performance during the Crisis
by Haluk Ünal
Download Working Paper