Historical Overview
In this class we discuss the history of housing finance in the United States. Relying largley on Chapter Three of Alex F. Schultz’ “Housing Policy in the United States”, we learn about the key policy changes which have lead to the current state of the housing market. Slides
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Banking
The fundamental model of a bank is changing from lending to earn a return to lending to make fees and attract deposits, and I don’t think that paradigm shift is changing anytime soon - Loris Nazarian, an assistant portfolio manager at Oaktree Capital
- Theory 1 or Theory 2
- Credit and Interest Rate Risk
- Blackstone, Apollo, BlackRock
- Supply of Credit: Life Insurance Companies, Endowments, Retirement Accounts
Government Sponsored Enterprises
In this class we examine the role the Government Sponsored Enterprises had on the development of housing.
Development
Insurance
In this class, we read through a recent reporting by Bloomberg on the recent developments in the Insurance Market. The report covers the changing relationship between rating agencies, predictive analytic companies, insurance companies, and insurance commisioners.
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Part 1: A Hidden Crisis in US Housing
FILL IN
Part 2: The Risky Business of Predicting Where Climate Disaster Will Hit
FILL IN
Part 3: The Harsh Reality of ‘Hurricane Insurance’
This article discusses the insurance market that developing countries face.
Part 4: The UK Is Losing the Race Against Devastating Floods
FILL IN
Part 5: The Quiet Rise of Lightly Regulated Home Insurance
The article describes the recent growth in non-admitted insurance policies and highlights the potential issues possed by these companies moving forward (thinly capitalized, potentially volitile prices, lack of a guaranty fund)
Low-Income Housing
- tax credits
- soft loans
- city and state funds
- developer fees
- HOPE VI grants
- Tax increment financing