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delong.typepad.com - 12/22/2008
Socialism in One Sector--the Housing Sector
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Glenn Hubbard and Charlie Mayer call for the effective nationalization of the mortgage finance sector: Low-Interest Mortgages Are the Answer : Recent news articles suggest that the Treasury Department is considering a plan to offer a 4.5% mortgage for home buyers for a period of time. ...
tpmcafe.talkingpointsmemo.com - 12/17/2008
What Is Going to Be the New Leading Sector?
— tpmcafe.talkingpointsmemo.com — What is going to be the new leading sector? What is going to allow us to maintain... full employment without running huge long-term budget deficits that will, eventually, sap our rate of economic growth somewhat? If it weren't for the fact that the ... (more) What Is Going to Be the New Leading Sector?
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Megan McArdle:  Help us save our homes!

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Help us save our homes!
Megan McArdle — ... over the Treasury yield represents the risk of prepayment and underwriting costs. With falling house prices, the risk of default could indeed add 0.75% or more for a newly underwritten and fully documented loan. But 4.5% would be the lowest mortgage rate in more than 30 years -- so the additional risk to lenders of prepayment would be almost nil. And low mortgage rates would substantially reduce the risk of further house price declines... Brad DeLong seconds the motion.  Arnold Kling vehemently dissents. I've been thinking a lot ...

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