The American Mortgage System

Leading economists and other housing market researchers examine key elements of the mortgage meltdown in this volume of original essays. More than a critique in hindsight, this volume offers pragmatic solutions to the problems facing American home ownership.

The American Mortgage System
Crisis and Reform

Susan M. Wachter and Marvin M. Smith, Editors

2011 | 400 pages | Cloth $49.95 | Paper $29.95
Public Policy | Economics
View main book page

Table of Contents

Introduction
—Marvin M. Smith and Susan M. Wachter

Part I Crisis: Origins and Solutions
1 The Secondary Market for Housing Finance in the United States: A Brief Overview
—Ingrid Gould Ellen, John Napier Tye, and Mark A. Willis
2 Reasonable People Did Disagree: Optimism and Pessimism About the U.S. Housing Market Before the Crash
—Kristopher S. Gerardi, Christopher L. Foote, and Paul S. Willen
3 Exploring the Determinants of High-Cost Mortgages to Homeowners in Low- and Moderate-Income Neighborhoods
—Michael S. Barr, Jane K. Dokko, and Benjamin J. Keys
4 Implications of the Housing Market Bubble for Sustainable Homeownership
—Paul S. Calem, Leonard Nakamura, and Susan M. Wachter
5 A Framework for Consumer Protection in Home Mortgage Lending
—Kathleen Engel and Thomas J. Fitzpatrick, IV

Part II Community Impact
6 A Profile of the Mortgage Crisis in a Low- and Moderate-Income Community
—Lynn Fisher, Lauren Lambie-Hanson, and Paul S. Willen
7 Constructive Credit: Revisiting the Performance of Community Reinvestment Act Lending
During the Subprime Crisis
—Carolina Reid and Elizabeth Laderman
8 Navigating the Housing Downturn and Financial Crisis: Home Appreciation and Equity Accumulation Among Community Reinvestment Homeowners
—Sarah F. Riley and Roberto G. Quercia
9 The Community Reinvestment Act: Evaluating Past Performance and Reviewing Options for Reform
—Mark A. Willis

Part III Reforming the Financial Architecture
10 Information Failure and the U.S. Mortgage Crisis
—Adam J. Levitin and Susan M. Wachter
11 The Expanding Financial Safety Net: The Dodd-Frank Act as an Exercise in Denial and Cover-Up
—Edward J. Kane
12 A Private Lender Cooperative Model for Residential Mortgage Finance
—Toni Dechario, Patricia C. Mosser, Joseph Tracy, James Vickery, and Joshua Wright
13 Improving U.S. Housing Finance Through Reform of Fannie Mae and Freddie Mac: A Framework for Evaluating Alternatives
—Ingrid Gould Ellen and Mark A. Willis
14 Some Thoughts on What to Do with Fannie Mae and Freddie Mac
—Robert Van Order
15 The Road Not Taken: Our Failure in Redoing the Financial Architecture
—Vincent Reinhart

List of Contributors
Index
Acknowledgments