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Mac School: Housing Finance

 

 

 

Lecture 1: Liberalisation of Mortgage Finance: Emancipation or Enslavement?

Click here for slides.

 

 

Lecture 2: Mortgage Finance: Can We Fix It?

Click here for slides.

 

 

Reading Materials:

Click here for a zipped bundle of research papers and reports relevant to the lectures. See below for reading lists broken down by sub-topic:

 

·        Returns to Homeownership & Housing Wealth

·        Financial Crisis, Liquidity and Mortgage Demand

·        Arrears, Repossessions, Safety Nets and Affordability

·        Risk Pricing

 

 

Returns to Homeownership & Housing Wealth:

 

  • ODPM overview of housing finance 1975-2000, click here.
  • Pryce & Sprigings (2009) on homeownership & the roots of the financial crisis, click here.
  • Dietz & Haurin (2003) on positive & negative effects of homeownership, click here.
  • Boehm & Schlottman (2001) on housing wealth, click here.
  • Flippen (2004) on unequal returns to homeownership, click here.
  • Voigtlander (2009) on why the German homeownership rate is so low, click here.
  • Di et al (2007) on housing wealth, click here.
  • Ben-Shahar (2007) on psychological vs economic factors in choosing homeownership, click here.
  • Thomas & Dorling (2004) on housing wealth inequality, click here.
  • Levin & Pryce (2011) on housing wealth inequality, click here.

 

 

Financial Crisis, Liquidity and Mortgage Demand:

 

  • Turner Review (2009) on the regulatory response to the financial crisis, click here.
  • FSA (2009) mortgage market review, click here.
  • Hendershott et al (2010) on the mortgage finance bubble, click here.
  • Brunnermeier (2009) on the liquidity and credit crunch, click here.
  • Rom (2009) on the role of the rating agencies in the credit crunch, click here.
  • HM Treasury (2009) consultation on mortgage regulation, click here.
  • Hendershott et al (2003, 2006) on taxation and mortgage demand, click here and here.

 

 

Arrears, Repossessions, Safety Nets and Affordability:

 

  • ODPM overview of housing finance 1975-2000, click here.
  • Ford (2004) ODPM report on homeowner risks & safety nets, click here.
  • DWP (2004) report on indebtedness, click here.
  • DWP report on arrears, click here.
  • CML (2005) risk review, click here. 
  • Kemp & Pryce (2002) on mortgage safety nets, click here.
  • Pryce (2002) on state welfare crowding out private mortgage insurance, click here.
  • Pryce & Keoghan (2002) on private mortgage insurance, click here.
  • Schuetz et al (2008) on neighbourhood impacts of repossessions, click here.
  • Pryce (2009) on policy responses to the anticipated repossessions crisis, click here.
  • Stephens (2008) on the government response to the repossessions crisis, click here.
  • Aaron & Muellbauer (2009) slides on the UK mortgage crisis, click here.
  • Aaron & Muellbauer (2009) paper on modelling UK mortgage possessions, click here.

 

 

Risk Pricing

 

  • Pryce (2003) on risk pricing, click here.
  • Lee, Orr and Pryce (2010) slides on risk pricing, click here.
  • Bealey et al (2010) on risk pricing, click here.
  • Edelberg (2006) on risk pricing, click here.