NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Future of the Government-Sponsored Enterprises: The Role for Government in the U.S. Mortgage Market

Dwight Jaffee, John M. Quigley

Chapter in NBER book Housing and the Financial Crisis (2013), Edward L. Glaeser and Todd Sinai, editors (p. 361 - 417)
Conference held November 17-18, 2011
Published in August 2013 by University of Chicago Press
© 2013 by the National Bureau of Economic Research

This chapter focuses on the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac. It first discusses the background and origin of the GSEs, the evolution of their structure as a public/private partnership, and the federal role in supplying housing credit. It then provides a brief summary of home ownership and government policy. Next, it describes the broader objectives and goals of the GSE institutions and analyzes the most recent failures of the credit market and the secondary housing market. It explores the likely consequences of plans to restructure GSEs and alternative mechanisms for government support of the US mortgage market. It also provides a brief summary of the GSEs under their government conservatorship since September 2008.

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This paper was revised on August 3, 2012

Machine-readable bibliographic record - MARC, RIS, BibTeX

This chapter first appeared as NBER working paper w17685, The Future of the Government Sponsored Enterprises: The Role for Government in the U.S. Mortgage Market, Dwight Jaffee, John M. Quigley
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