Publications
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- All HBS Web (67)
- Faculty Publications (18)
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- 30 Oct 2014
- Working Paper Summaries
Housing Collateral, Credit Constraints, and Entrepreneurship-Evidence from a Mortgage Reform
- Article
Financing Constraints, Home Equity and Selection into Entrepreneurship
By: Thais Laerkholm Jensen, Søren Leth-Petersen and Ramana Nanda
We exploit a mortgage reform that differentially unlocked home equity across the Danish population and study how this impacted selection into entrepreneurship. We find that increased entry was concentrated among entrepreneurs whose firms were founded in industries... View Details
- 2011
- Chapter
The Economics of Housing Finance Reform
By: David S. Scharfstein and Adi Sunderam
This paper analyzes the two leading types of proposals for reform of the housing finance system: (i) broad-based, explicit, priced government guarantees of mortgage-backed securities (MBS) and (ii) privatization. Both proposals have drawbacks. Properly-priced... View Details
- 2023
- Working Paper
When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets
By: Pari Sastry, Ishita Sen and Ana-Maria Tenekedjieva
This paper studies how homeowners insurance markets respond to growing climate losses and how this impacts mortgage market dynamics. Using Florida as a case study, we show that traditional insurers are exiting high risk areas, and new lower quality insurers are... View Details
- 10 May 2013
- News
What if the Mortgage Deduction is Eliminated?
- 21 Jul 2010
- Research & Ideas
HBS Faculty Debate Financial Reform Legislation
from auto dealers, retail stores, and real estate brokers). Finally, Congress missed the main cause of the financial crisis—Fannie Mae, Freddie Mac, and the housing agencies. Given the fragility of the U.S. housing markets, Congress was unwilling to View Details
Keywords: by Staff
- 2011
- Book
Moving Forward: The Future of Consumer Credit and Mortgage Finance
By: Nicolas P. Retsinas and Eric Belsky
The recent collapse of the mortgage market revealed fractures in the credit market that have deep roots in the system's structure, conduct, and regulation. The time has come for a clear-eyed assessment of what happened and how the system should be strengthened and... View Details
- March 2012
- Article
Subprime Foreclosures and the 2005 Bankruptcy Reform
By: Donald Morgan, Benjamin Iverson and Matthew Botsch
This article presents arguments and evidence suggesting that the bankruptcy abuse reform (BAR) of 2005 may have been one contributor to the destabilizing surge in subprime foreclosures. Before BAR took effect, overly indebted borrowers could file bankruptcy to free up... View Details
Moving Forward: The Future of Consumer Credit and Mortgage Finance
The recent collapse of the mortgage market revealed fractures in the credit... View Details
- 24 Oct 2017
- Research & Ideas
Tax Reform is on the Front Burner Again. Here’s Why You Should Care
Credit: malerapaso For as much as American politicians and their constituents complain about taxes, the truth is that tax reform packages to address those complaints are rare—the last major reform of the tax... View Details
Keywords: by Sean Silverthorne
- 12 Nov 2014
- Op-Ed
A Challenge to the New Congress: Pass Housing Finance Reform
from the left and the right, set out to do just that. For the last two and a half years, we co-chaired the Commission's Mortgage Finance Reform Working Group. Remarkably, we saw consensus emerge from both... View Details
- 24 Feb 2011
- Research & Ideas
What’s Government’s Role in Regulating Home Purchase Financing?
proposals, which would include the wind down of two government sponsored enterprises—Fannie Mae and Freddie Mac. Between them they generated more than half of all US mortgage credit before failing in September 2008. According to a new... View Details
- January 2008 (Revised May 2008)
- Case
Subprime Meltdown: American Housing and Global Financial Turmoil
By: Julio Rotemberg
This case focuses on the financial difficulties faced in the U.S. from August to December 2006 as well as their roots in subprime lending. After briefly discussing how mortgages were structured and traded in the pre-1990 period, it describes subprime mortgage lending,... View Details
- 01 Jun 2011
- News
What's after Fannie and Freddie?
- March 2012
- Article
How to Make Finance Work
By: Robin Greenwood and David S. Scharfstein
Once a sleepy old boys' club, the U.S. financial sector is now a dynamic and growing business that attracts the best and the brightest. It is tempting to declare the industry a roaring success. But its purpose is to serve the needs of U.S. households and firms, and by... View Details
- May 2008 (Revised July 2009)
- Case
Sovereign Wealth Funds: For Profits or Politics?
By: Laura Alfaro and Renee Kim
On March 21, 2008, the U.S. government secured an agreement from two leading sovereign wealth funds (SWFs) to adopt a new set of investment principles to govern the Funds' activities. SWFs, broadly defined as an investment fund owned by a national or a government, were... View Details
- Article
Perceptions and the Politics of Finance: Junk Bonds and the Regulatory Seizure of First Capital Life
By: S. C. Gilson, H. DeAngelo and L. DeAngelo
In May 1991, one month after seizing Executive Life, California regulators seized First Capital Life (FCLIC). Both insurers were Drexel clients with large junk bond holdings, and both had experienced 'bank runs.' FCLIC's run followed regulators' televised comments that... View Details
- Article
The Harmonization of Lending Standards within Banks through Mandated Loan-Level Transparency
By: Jung Koo Kang, Maria Loumioti and Regina Wittenberg-Moerman
We explore whether the introduction of transparent reporting rules increases credit standard harmonization within a bank. We exploit the new loan-level reporting rules imposed on banks that borrow from the European Central Bank using repurchase agreements... View Details
- 2022
- Working Paper
House Prices, Home Equity and Entrepreneurship: Evidence from U.S. Census Micro Data
By: Sari Pekkala Kerr, William R. Kerr and Ramana Nanda
During 1992-2007, house price growth is strongly correlated with local entrepreneurship. We show with Census Bureau data that most of this entry is related to construction and real estate; these entrants tend to be small and short-lived. Using a 1998 Texas reform that... View Details
- March 2009 (Revised April 2009)
- Case
AFSCME vs. Mozilo...and "Say on Pay" for All! (A) (Abridged)
By: Fabrizio Ferri and James Weber
Richard Ferlauto, director of pensions and benefits policy at the AFSCME, the largest public sector workers union in the U.S., was responsible for protecting the pensions of its members. Because pensions were invested for decades, Ferlauto wanted the companies in which... View Details