February 18, 2015
- Mansion Tax: The Effect of Transfer Taxes on the Residential Real Estate Market, by Wojciech Kopczuk, CEPR Discussion Paper No. DP10375.
- The National Rise in Residential Segregation, by Trevon Logan & John Parman, NBER Working Paper No. w20934. (Paid access).
- Cultural Districts and Economic Development in American Cities, by Michael J. Rushton (discussing whether public investment in the arts will increase local development of cities).
- The Impact of Foreclosure on Housing Prices, by Ralph Seibert, CESifo Working Papers Series No. 5196.
- HUD AWARDS $1.8 BILLION TO IMPROVE, PRESERVE NATION’S PUBLIC HOUSING Says Housing Authorities Will Use Funding to Maintain Housing for Families, Seniors
- Julián Castro: Secretary of U.S. Department of Housing and Urban Development (HUD) Positive About the FHA in Written Testimony before the House of Representatives Committee on Financial Services, Wednesday, February 11, 2015
February 16, 2015
President Washington had this to say in his farewell address:
The unity of government which constitutes you one people is also now dear to you. It is justly so, for it is a main pillar in the edifice of your real independence, the support of your tranquility at home, your peace abroad; of your safety; of your prosperity; of that very liberty which you so highly prize. But as it is easy to foresee that, from different causes and from different quarters, much pains will be taken, many artifices employed to weaken in your minds the conviction of this truth; as this is the point in your political fortress against which the batteries of internal and external enemies will be most constantly and actively (though often covertly and insidiously) directed, it is of infinite moment that you should properly estimate the immense value of your national union to your collective and individual happiness; that you should cherish a cordial, habitual, and immovable attachment to it; accustoming yourselves to think and speak of it as of the palladium of your political safety and prosperity; watching for its preservation with jealous anxiety; discountenancing whatever may suggest even a suspicion that it can in any event be abandoned; and indignantly frowning upon the first dawning of every attempt to alienate any portion of our country from the rest, or to enfeeble the sacred ties which now link together the various parts.
We should heed these words as much today as in Washington’s own time. And while they should guide us in many areas, I would focus on what they mean in the context of housing finance reform.
Democrats and Republicans have not found common ground on the future of Fannie Mae and Freddie Mac. And yet the nation is likely to be made worse off by leaving them in limbo for so long, with a variety of crises lurking just over the horizon. I hope Congress can hear Washington’s advice to his fellow citizens and commit to placing the reform of these two gargantuan financial institutions at the top of its agenda for the coming year. Seems like a good way to truly commemorate his contribution to our country.
- Consumer Financial Protection Bureau has sued and settled with Flagship Financial Group for $225,000 for advertising their mortgages as government approved.
- Citigroup, UBS and Goldman Sachs settle for $235 million over Residential Mortgage-Backed Securities that Residential Capital, LLC issued without informing consumers of the risks associated with such securities. New Jersey Carpenters Health Fund et al v. Residential Capital LLC et al, U.S. District Court, Southern District of New York, No. 08-08781.
February 13, 2015
- S&P Settlement
- Realistic Strategies for Consumer Education
- Nation of Renters
- Risky Reverse Mortgages
- $191 Billion for Fannie and Freddie