RESEARCH AND COMMENTARY
Douglas W. Elmendorf, April 10, 2008, Senate Committee on Banking, Housing, and Urban Affairs
Congress and the administration are moving forward in myriad ways to boost beleaguered homeowners and put the economy back on track. Doug Elmendorf, testifying before the Senate, urged policy-makers to expand the role of the Federal Housing Administration to help families in trouble refinance their mortgages, and offered comments on the compromise Senate housing bill. Read More
RESEARCH AND COMMENTARY
Alice M. Rivlin, May 28, 2008, National Governors Association
The following remarks were delivered by Alice Rivlin during a luncheon speech at the State on Foreclosures and Housing Solutions hosted by the National Governors Association. Illustrating the effects of both the credit and foreclosure crisis providing reasons for optimis in the current state of the economy. Read More
RESEARCH AND COMMENTARY
Martin Neil Baily, Douglas W. Elmendorf and Robert E. Litan, May 16, 2008, The Brookings Institution
With the U.S. financial system still in a perilous state, Martin Baily, Doug Elmendorf and Bob Litan diagnose what caused the crisis and offer prescriptions for policy change. The authors of this new Brookings paper address two challenges: to resolve the immediate problems and to reduce the likelihood that these problems recur. Read More
UPCOMING EVENT
Tuesday, November 17, 2009
9:30 AM to 4:00 PM
Washington, DC
On November 17, a day-long conference co-sponsored by Brookings and the Heritage Foundation will explore the measurement challenges associated with the recession, particularly in the financial and housing sectors; how innovation can become a standard component of our national accounting system, and how incorporating innovation metrics will aid the development of a unified picture of the sources of growth and economic disruption. Read More
UPCOMING EVENT
Wednesday, November 11, 2009
12:30 PM to 1:30 PM
Washington, DC
The House and Senate have both voted to expand and extend the homebuyer tax credit initially approved as part of President Obama’s economic stimulus package. While this move is intended to spur home sales, many experts argue that extending the tax credit is bad policy. On Wednesday, November 11, Ted Gayer and Politico Senior Editor Fred Barbash will be online to answer your questions about the homebuyer tax credit in a live web chat. Read More
RESEARCH AND COMMENTARY
Larry Cordell, Karen Dynan, Andreas Lehnert, Nellie Liang and Eileen Mauskopf, October 30, 2009, Federal Reserve Board: Finance and Economics Discussion Series
In order to shore up the housing market and prevent foreclsoures, the government has instituted the Home Affordable Modification Program (HAMP). Larry Cordell, Karen Dynan, Andreas Lehnert, Nellie Liang and Eileen Mauskopf find that HAMP's key features should alleviate some of the previous obstacles to successful loan modifications. But, they say, the program is not well-suited to address payment problems associated with job loss, and they believe focusing on reducing payments rather than principal is ineffective when the homeowner has negative equity, with short sales being a better option. Read More
RESEARCH AND COMMENTARY
Ted Gayer, October 14, 2009, The Brookings Institution
Ted Gayer addresses the potential cost of a home buyer tax credit in light of the Congressional Joint Committee on Taxation’s cost estimate and still concludes that the credit would be a poorly targeted subsidy, even if the program is smaller and shorter in duration. Read More
PAST EVENT
Tuesday, October 13, 2009
9:00 AM to 11:00 AM
Washington, DC
On October 13, the Brookings Institution’s Metropolitan Policy Program hosted a panel discussion around how to best prepare and support metropolitan regions in the development of integrated blueprint plans for sustainable growth. Read More
RESEARCH AND COMMENTARY
Alan Berube, October 09, 2009, The Brookings Institution
As the $8,000 federal tax credit for first-time home buyers nears expiration, congressional leaders are considering an extension and an expansion of the program. However, Alan Berube argues that this is not only poor tax policy but also, because of regional variations in housing prices, potentially inflationary. Read More
RESEARCH AND COMMENTARY
Ted Gayer, October 09, 2009, The Brookings Institution
The housing market, while showing some signs of recovery, is still weak, which is why policymakers are considering more ways to support it. One idea is to extend and expand the homebuyers tax credit. Ted Gayer says the proposal is misguided, poorly targeted and very expensive. Read More
VIDEO
Ted Gayer, September 25, 2009
New U.S. home sales were flat in August and existing home sales fell, showing that the housing sector still remains weak. Ted Gayer, co-director of Economic Studies, says there has been some housing stabilization thanks to the Federal Reserve, but that there is still downside risk in the market. Costly tax incentives to encourage homeownership have long-term budget consequences.
RESEARCH AND COMMENTARY
Ted Gayer, September 24, 2009, The Brookings Institution
Today’s existing-home sales numbers, which were below expectations, show that the housing market is still soft. Moves by the Fed to phase out its mortgage-backed security program may lead to increased mortgage interest rates, says Economic Studies Co-Director Ted Gayer. But he says the first-time homebuyer tax credit is expensive, poorly targeted and should not be extended. Read More
RESEARCH AND COMMENTARY
Benjamin Orr, September 23, 2009, The Brookings Institution
Greater Washington Research at Brookings partnered with the Brookings Metropolitan Policy Program to create the first MetroDCMonitor, a quarterly publication tracking indicators of economic recession and recovery in the Washington region and the nation’s 100 largest metropolitan areas. The report finds that the Washington area is weathering the recession comparatively well with a less volatile labor market than other metros and a healthy gross regional product. However, the housing market is weaker, and regional averages mask varying levels of economic distress throughout the area. Read More
RESEARCH AND COMMENTARY
Jennifer S. Vey, September 15, 2009, The Brookings Institution
A supplement to the MetroMonitor, this first edition of the Great Lakes Monitor examines the 21 largest metros in the Great Lakes region on key indicators of economic performance. It illustrates that, although Great Lakes metros have for decades shared in the struggle to retool their economies, the recession has had highly varied impacts across the region. The findings help define where and how policy makers and regional stakeholders need to focus their energies to help ensure that recovery comes—if slowly—to all parts of this complex area. Read More
BOOK
Ron Haskins and Isabel V. Sawhill, September 15, 2009
Creating an Opportunity Society examines economic opportunity in the United States and explores how to create more of it, particularly for those on the bottom rungs of the economic ladder. Read More