- The National Housing Conference released its 2015 “Paycheck to Paycheck” report, which reports how the gap between housing and wages has increased.
- The National Bureau of Economic Research released a working paper, Housing Booms and Busts, Labor Market Opportunities, and College Attendance, which reports a correlation between the state of the housing market and college attendance.
- CoreLogic released its August 2015 National Foreclosure Report, showing that, since August 2014, there has been a decrease in the amount of foreclosures.
- Center on Budget and Policy Priorities released “How Housing Vouchers Can Help California’s Rental Crisis”.
Author Archives: Shea Cunningham
Wednesday’s Academic Roundup
- Clustered Housing Cycles, Ruben Hernandez-Murillo, Michael Owyang & Margarita Rubio, FRB St. Louis Paper No. FEDLWP2-13-021.
- Crowding Out Effects of Refinancing on New Purchase Mortgages, Steven A. Sharpe & Shane M. Sherlund, FEDS Working Paper No. FEDGFE2015-17.
- The Determinants of Subprime Mortgage Performance Following a Loan Modification, Maximillian D. Schmeiser & Matthew B. Gross, FEDS Working Paper No. FEDGFE2015-06.
- Which Way to Recovery? Housing Market Outcomes and the Neighborhood Stabilization Program, Jenny Schuetz et al., FEDS Working Paper No. FEDGFE2015-04.
- Metropolitan Area Home Prices and the Mortgage Interest Deduction: Estimates and Simulations from Policy Change, Hal Martin & Andrew Hanson, FRB of Cleveland Working Paper No. FEDCWP1516.
- Regional Redistribution Through the U.S. Mortgage Market, Erik Hurst, Benjamin J. Keys, Amit Seru & Joseph Vavra, Kreisman Working Papers Series in Housing Law and Policy No. 25.
- Fewer Vacants, Fewer Crimes? Impacts of Neighborhood Revitalization Policies on Crime, Jonathan S. Spader, Jenny Schuetz & Alvaro Cortes, FEDS Working Paper No. 2015-088.
- Fundamental Drivers of Dependence in REIT Returns, Jamie Alcock & Eva Steiner.
Monday’s Adjudication Roundup
- The U.S. Securities and Exchange Commission were granted its request to freeze Luca International Group LLC’s CEO’s assets. He allegedly engaged in a “Ponzi-like” scheme with EB-5 investors.
- New York appeals court revived claims against Nomura Holdings Inc. brought by investors finding that HSBC can seek damages for misrepresentation in mortgage-backed securities transactions, which ended up being defective loans.
- In case brought by U.S. Bank against Credit Suisse, a New York judge refused dismissal for failing to buy back bad loans worth $1 billion, finding that the servicing agreement with U.S. Bank required it to do so.
- The Internal Revenue Service approved Bank of America’s $8.5 billion settlement for mortgage-backed securities purchased from Countrywide.
- JPMorgan and MassMutual have settled in case where JPMorgan had allegedly cause MassMutual to lose $2.3 billion in mortgage-backed securities.
Wednesday’s Academic Roundup
- Pricing Residential Real Estate Derivatives, Mark Michael Richter.
- Local House Prices and Mental Health, Nayan Krishna Joshi, International Journal of Health Care Finance and Economics, 2015.
- Why Did So Many Subprime Borrowers Default During the Crisis: Loose Credit or Plummeting Prices?, Christopher Palmer.
- Large-Scale Buy-to-Rent Investors in the Single-Family Housing Market: The Emergence of a New Asset Class?, James Mills, Raven Molloy & Rebecca Zarutskie, FEDS Working Paper No. 2015-084.
- Measuring Total Mortgage Market Credit Risk, Douglas A. McManus.
- What Affects Children’s Outcomes: House Characteristics or Homeownership?, Steven C. Bourassa, Donald R. Haurin & Martin Hoesli, Swiss Finance Institute Research Paper No. 15-42.
- Housing Booms and Busts, Labor Market Opportunities, and College Attendance, Kerwin Kofi Charles, Erik Hurst & Matthew Notowidigdo, NBER Working Paper No. w21587 (Paid Access).
Columbus Day
- “One of the greatest discoveries a man makes, one of his greatest surprises, is to find he can do what he was afraid he couldn’t.” – Henry Ford
Friday’s Government Reports Roundup
- The National Resource Network, NYU Wagner and the Urban Institute released a report, Striking a (Local) Grand Bargain, “that offers a new way for cities and anchor institutions to collaborate on projects.” Anchor institutions include universities, medical centers and hospitals.
- The National Academy of Science released a policy note, which found that the life expectancy gap has expanded between the wealthy and the working class.
- The Lincoln Institute released report, Inclusionary Housing, finding that inclusionary zoning can reduce economic segregation.
- The Government Accountability Office released report, Pay for Success: Collaboration among Federal Agencies Would Be Helpful as Governments Explore New Financing Mechanisms, on Social Impact Bonds (SIBs).
Wednesday’s Academic Roundup
- Antimonopoly in Public Land Law, Michael C. Blumm & Kara Tebeau.
- Public Real Estate and the Term Structure of Interest Rates: A Cross-Country Study, Alexey Akimov, Simon Stevenson & Maxim Zagonov, Journal of Real Estate Finance and Economics, Vol. 51, No. 4, 2015.
- Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program, Sumit Agarwal, Gene Amromin, Souphala Chomsisengphet, Tomasz Piskorski, Amit Seru & Vincent W. Yao.
- Is the Real Estate Sector More Responsive to Economy-Wide or Housing Market Conditions? An Exploratory Analysis, Laurie Bates, Carmelo Giaccotto & Rexford E. Santerre, Journal of Real Estate Finance and Economics, Vol. 51, No. 4, 2015.
- The Price Behavior of REITs Surrounding Extreme Market-Related Events, John L. Glascock & Ran Lu-Andrews, Journal of Real Estate Finance and Economics, Vol. 51, No. 4, 2015.
- Online Information Search, Market Fundamentals and Apartment Real Estate, Prashant Das, Alan J. Ziobrowski & N. Edward Coulson, Journal of Real Estate Finance and Economics, Vol. 51, No. 4, 2015.
- Improving Risk Sharing and Borrower Incentives in Mortgage Design, Yuchen Mei, Phelim P. Boyle & Johnny Siu-Hang Li.
- Servicing Securitisation Through Inefficient Foreclosure, John Chi-Fong Kuong & Jing Zeng.
- How Much Do Investors Pay for Houses?, Phillip Bracke, Bank of England Working Paper No. 549.
