Congressional Research Service Reports - Browse

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Reporting Issues Under the Home Mortgage Disclosure Act

Description: This report describes current issues and recent changes to the Home Mortgage Disclosure Act (HMDA) of 1975. The report also provides a brief explanation of how recent reporting revisions may affect the reporting of loans covered by the Home Ownership and Equity Protection Act of 1994 and the Federal Housing Administration.
Date: October 24, 2008
Creator: Getter, Darryl E.
Partner: UNT Libraries Government Documents Department

Understanding Mortgage Foreclosure: Recent Events, the Process, and Costs

Description: This report provides a general analysis and overview of current foreclosure issues addressed in the bills cited above. It begins with a description of the behavior of aggregate foreclosure rates. The behaviors of foreclosure rates are placed in the context of activity in the housing and mortgage market to illustrate any relationships. The foreclosure process is then explained, first from the point of view of a traditional financial lending institution, and then from the viewpoint of securitization when loans are sold in secondary markets. Finally, this report collects information from other studies to obtain an estimate of the average foreclosure costs. A brief discussion of the effect uniform foreclosure legislation may have on costs follows.
Date: November 5, 2007
Creator: Getter, Darryl E.
Partner: UNT Libraries Government Documents Department

The Federal Deposit Insurance Corporation (FDIC): Efforts to Support Financial and Housing Markets

Description: This report discusses recent actions taken by the FDIC in support of financial and housing markets, which include restoration of the Deposit Insurance Fund, the development of the Temporary Liquidity Guarantee Program, efforts to reduce foreclosures, and establishment of the proposed Public-Private Investment Fund. Legislation such as H.R. 786 (introduced by Representative Barney Frank); H.R. 1106, Helping Families Save Their Homes Act of 2009 (introduced by Representative John Conyers, Jr., with 24 co-sponsors); and S. 541, The Depositor Protection Act of 2009 (introduced by Senator Christopher Dodd with 12 co-sponsors) have also been introduced to increase the effectiveness of the FDIC’s efforts to respond to recent market weaknesses.
Date: March 27, 2009
Creator: Getter, Darryl E. & Gonzales, Oscar R.
Partner: UNT Libraries Government Documents Department

Effects of Flat Taxes and Other Proposals on Housing: An Overview

Description: Studies have estimated that some of these revisions would cause a decline in demand for houses and significant reduction in house prices--perhaps in excess of 15 percent. These studies, however, presumed a fixed supply of housing; even a limited supply response would greatly decrease predicted asset price effects. Supply response is likely to be large in the long run and not insignificant in the short run. Effects on housing demand might also be mitigated by increases in savings rates and lower interest rates. Thus, effects of the flat tax on housing prices are likely to be limited in the short run and very small in the long run. Rental housing demand, on the other hand, would be encouraged with a shift to a consumption tax base.
Date: June 17, 1996
Creator: Gravelle, Jane G.
Partner: UNT Libraries Government Documents Department

FHFA's Administrative Reform of Fannie Mae, Freddie Mac, and the Housing Finance System

Description: This report discusses housing finance reform and structural changes enacted by the Federal Housing Finance Agency (FHFA), particularly in relation to government-sponsored enterprises (GSEs). It includes sections on GSEs and conservatorship; FHFA reforms broken down into information about risk-sharing transactions, a common securitization platform, and single security; and Congressional action on GSE reform.
Date: May 23, 2016
Creator: Hoskins, Sean M.
Partner: UNT Libraries Government Documents Department

National Mortgage Servicing Standards: Legislation in the 112th Congress

Description: This report analyzes the potential misaligned incentives in the servicer-mortgage holder relationship and the servicing standards that attempt to address each concern, the servicer-borrower relationship and the relevant servicing provisions, as well as the possible implications of reforming the servicing industry.
Date: August 29, 2012
Creator: Hoskins, Sean M.
Partner: UNT Libraries Government Documents Department

Reduce, Refinance, and Rent? The Economic Incentives, Risks, and Ramifications of Housing Market Policy Options

Description: This report discusses the background of financial panic in September 2008, precipitated by the housing bubble of 2006. In particular, the report looks at options that the 112th Congress has regarding the housing market: (1) reducing mortgage principal for borrowers who owe more than their homes are worth, (2) refinancing mortgages for borrowers shut out of traditional financing methods, and (3) renting out foreclosed homes.
Date: June 12, 2012
Creator: Hoskins, Sean M.
Partner: UNT Libraries Government Documents Department

Selected Legislative Proposals to Reform the Housing Finance System

Description: The 113th Congress has seen several developments in the effort to reform the housing finance system. In the House, the Protecting American Taxpayers and Homeowners Act of 2013 (PATH Act; H.R. 2767) was ordered to be reported out of the House Financial Services Committee on July 24, 2013. This report will briefly explain the different approaches to housing finance reform offered by these legislative proposals, focusing on efforts to replace Fannie Mae and Freddie Mac and reform FHA. The report does not describe every provision of the proposals but discusses major concepts and themes.
Date: June 11, 2014
Creator: Hoskins, Sean M.; Weiss, N. E. & Jones, Katie
Partner: UNT Libraries Government Documents Department

An Introduction to the Design of the Low-Income Housing Tax Credit

Description: This report discusses the Low-Income Housing Tax Credit (LIHTC), which is a federal provision that reduces the income tax liability of taxpayers claiming the credit. These taxpayers are typically investors in real estate development projects that have traded cash for the tax credits to support the production of affordable housing. The credit is intended to lower the financing costs of housing developments so that the rental prices of units can be lower than market rates, and thus, presumably, affordable.
Date: February 24, 2006
Creator: Jackson, Pamela J
Partner: UNT Libraries Government Documents Department

An Introduction to the Design of the Low-Income Housing Tax Credit

Description: This report discusses the Low-Income Housing Tax Credit (LIHTC), which is a federal provision that reduces the income tax liability of taxpayers claiming the credit. These taxpayers are typically investors in real estate development projects that have traded cash for the tax credits to support the production of affordable housing. The credit is intended to lower the financing costs of housing developments so that the rental prices of units can be lower than market rates, and thus, presumably, affordable.
Date: January 24, 2008
Creator: Jackson, Pamela J.
Partner: UNT Libraries Government Documents Department

Fannie Mae and Freddie Mac in Conservatorship

Description: On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Fannie Mae and Freddie Mac, two government-sponsored enterprises (GSEs) that play a critical play in the U.S. home mortgage market, in conservatorship. As conservator, the FHFA has full powers to control the assets and operation of the firms. Dividends to common and preferred shareholders are suspended, but the U.S. Treasury has put in place a set of financing agreements to ensure that the GSEs continue to meet their obligations to holders of bonds that they have issued or guaranteed. This means that the U.S. taxpayer now stands behind about $5 trillion of GSE debt. This report provides basic information on the GSEs, the government intervention, and the potential cost to the taxpayer.
Date: September 15, 2008
Creator: Jickling, Mark
Partner: UNT Libraries Government Documents Department

An Overview of the HOME Investment Partnerships Program

Description: This report provides an introduction to the HOME Investment Partnerships Program, including a brief history, an overview of allowable uses of HOME funds, and a description of certain program requirements. It also provides information on funding for the program and how that funding has been used.
Date: September 11, 2014
Creator: Jones, Katie
Partner: UNT Libraries Government Documents Department

Housing Issues in the 113th Congress

Description: This report begins by providing an overview of the current state of housing markets (both homeownership and rental) and the mortgage market in order to provide context for the policy issues that have been active during the 113th Congress. It then provides a brief description of issues that the 113th Congress has been considering. These issues are broadly divided into two categories: issues related to homeownership and housing finance, and issues related to housing assistance for low-income households
Date: unknown
Creator: Jones, Katie; Carpenter, David H.; Hoskins, Sean M.; Keightley, Mark P.; McCarty, Maggie & Weiss, N. Eric
Partner: UNT Libraries Government Documents Department

An Analysis of the Geographic Distribution of the Mortgage Interest Deduction

Description: This report analyzes variation in the mortgage interest deduction tax expenditure across states. Tax expenditures, such as the mortgage interest deduction, can generally be viewed as government spending administered via the tax code, or as tax incentives that are intended to achieve particular policy objectives. Regardless of the interpretation, tax expenditures provide a benefit to qualifying taxpayers by lowering their federal tax liabilities.
Date: January 30, 2014
Creator: Keightley, Mark P.
Partner: UNT Libraries Government Documents Department

An Economic Analysis of the Homebuyer Tax Credit

Description: This report provides an economic analysis of the homebuyer tax credit. Data suggest that home prices in general may be stabilizing and that the home inventory is beginning to return to a more normal level. Given the close proximity of these improvements to when the homebuyer tax credit was enacted by the Housing and Economic Recovery Act of 2008 and first modified by the American Recovery and Reinvestment Act of 2009, one could argue that the tax credit was the cause of these improvements.
Date: December 1, 2009
Creator: Keightley, Mark P.
Partner: UNT Libraries Government Documents Department