Financial Law and Regulation

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US Housing Finance: Our Vision for a Privately Led System

by Douglas J. Peebles, Michael S. Canter, Matthew D. Bass

There’s a growing consensus today that the US government’s huge footprint in the $10.5 trillion mortgage market needs to shrink, with the private sector taking the lead. But there is less agreement on how the transition to a new system should take place. Here’s our perspective as investors in the mortgage market on what is needed to get the ball rolling.

Financial Law and Regulation, Fixed Income


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US Housing Finance: Let's Put Quality Before Quantity

by Douglas J. Peebles, Michael S. Canter, Matthew D. Bass

The US government’s housing finance policies in recent decades can be summarized by one simple phrase: quantity over quality. The implicit goal was to increase the quantity of housing finance by keeping mortgage rates low and promoting wider home ownership. For several decades, the system worked. But if we view the long-term stability of home prices as one measure of the quality of housing finance, those policies now don’t look so successful.

Financial Law and Regulation, Fixed Income


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