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This report demonstrates that a significant proportion of prospective homeowners remains underserved by the mortgage finance industry. The report reviews and evaluates the framework of housing goals that has been established by Fannie Mae and Freddie Mac. It finds that the housing goals represent a promising approach to focusing their resources on the mortgage credit needs of homebuyers. Such a programmatic emphasis by these enterprises represents an appropriate exchange for the benefits that they receive through their ties with the Federal government.
This study responds to a request from Congressman Richard H. Baker-in his capacity as Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, House Committee on Financial Services that the Congressional Budget Office (CBO) update its May 1996 study Assessing the Public Costs and Benefits of Fannie Mae and Freddie Mac. That study provided an estimate of the value of the federal subsidy to Fannie Mae and Freddie Mac. Congressman Baker also asked that CBO extend the estimate to include the Federal Home Loan Banks and to update its estimate of the portion of the subsidy that the government-sponsored enterprises (OSEs) retain. Congressman John M. Spratt, Ranking Member, House Committee on the Budget, separately requested an explanation of the methods and assumptions that CBO used in preparing its updated estimate. In addition, Senator Robert F. Bennett, Chairman, Subcommittee on Financial Institutions, and Senator Wayne Allard, Chairman, Subcommittee on Housing and Transportation, both of the Senate Committee on Banking, Housing, and Urban Affairs, jointly requested that CBO review two critiques of its previous work that were prepared under contract for Fannie Mae and Freddie Mac. This study also responds to those requests.
This Congressional Budget Office (CBO) study--prepared at the request of the Ranking Member of the House Committee on Science--presents an overview of issues related to climate change, focusing primarily on its economic aspects. The study draws from numerous published sources to summarize the current state of climate science and provide a conceptual framework for addressing climate change as an economic problem. It also examines public policy options and discusses the potential complications and benefits of international coordination. In keeping with CBO's mandate to provide impartial analysis, the study makes no recommendations.
Created in 1974, the U.S. Congressional Budget Office (CBO) has become one of the most influential forces in national policymaking. A critical component of our system of checks and balances, the CBO has given Congress the analytical capacity to challenge the president on budget issues while it protects the public interest, providing honest numbers about Congress's own budget proposals. The book discusses the CBO’s role in larger budget policy and the more narrow "scoring" of individual legislation, such as its role in the 2009–2010 Obama health care reform. It also describes how the first director, Alice Rivlin, and seven successors managed to create and sustain a nonpartisan, highly credible agency in the middle of one of the most partisan institutions imaginable. The Congressional Budget Office: Honest Numbers, Power, and Policy draws on interviews with high-level participants in the budget debates of the last 35 years to tell the story of the CBO. A combination of political history, economic history, and organizational development, The Congressional Budget Office offers an important, first book-length history of this influential agency.
Nearly a decade after the housing market's collapse triggered the Great Recession, members of both sides of the political aisle are calling for reform. Principles of Housing Finance Reform lays out a roadmap for reforms for a new housing finance system to achieve liquidity, access, and sustainability.