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CRS – Changes to the Residential Mortgage Market

Changes to the Residential Mortgage Market: Legislation, Demographics, and Other Drivers. N. Eric Weiss, Specialist in Financial Economics, April 16, 2013

  • “Congressional interest in residential mortgage markets has increased following the collapse of the housing bubble, government financial support to the mortgage market, and housing’s perceived importance to the broader economic recovery. Since 2008, the residential mortgage market has experienced some of the highest default and foreclosure rates since the Great Depression. The future of Fannie Mae and Freddie Mac, two congressionally chartered government-sponsored enterprises (GSEs) that have long been central pillars of the mortgage market, is also the subject of congressional debate. Both GSEs are currently in conservatorship and have received financial support from the U.S. Department of the Treasury. There is also concern over the financial conditions of the Federal Housing Administration’s (FHA’s) mortgage guarantee program.”
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