Fixing the Housing Market: Financial Innovations for the Future
- By Franklin Allen, James R. Barth, Glenn Yago
- Published Feb 14, 2012 by Prentice Hall Professional. Part of the Wharton School Publishing--Milken Institute Series on Financial Innovations series.
- Copyright 2012
- Dimensions: 6" x 9"
- Pages: 208
- Edition: 1st
- Book
- ISBN-10: 0-13-701160-1
- ISBN-13: 978-0-13-701160-5
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Product Author Bios
Franklin Allen (Philadelphia, PA), Professor of Finance and Economics at Wharton, codirects its Financial Institutions Center. He coauthored Financing the Future and Principles of Corporate Finance.
James R. Barth (Santa Monica, CA), Lowder Eminent Scholar in Finance at Auburn and Milken Institute Senior Fellow, coauthored (with Glenn Yago) The Rise and Fall of the U.S. Mortgage and Credit Markets.
Glenn Yago (Palisades, CA), Milken Institute Director of Capital Studies, runs its Financial Innovations Labs and coauthored Financing the Future.
Ever since the ancient Greeks, financial innovation has enabled more people to purchase homes. Today is no different: in fact, responsible financial innovation is now the best tool available for "rebooting" crippled housing markets, improving their efficiency, and making housing more accessible to millions. In Fixing the Housing Market, three leading experts explain how, covering everything decision-makers should know about today’s housing and financial markets.
The authors first explain how innovative housing financial products, services and institutions evolved through the 19th century, World War I, the Great Depression, World War II, and beyond -- culminating in the post-1970s era of securitization. Next, they assess housing finance systems in mature economies during and after the recent crisis, highlighting benefits and risks associated with each widely-used mortgage funding structure and product. They also carefully assess current housing finance structures in emerging economies such as Brazil, Russia, India, and China.
Building on these insights, the authors introduce transformative financial innovations that can facilitate a more stable and sustainable financing system for housing -- providing better shelter for more people, helping the industry recover, and creating thousands of new jobs. Using these new tools, entrepreneurs, economic development specialists, and policymakers can develop practical strategies for bridging funding gaps -- raising more capital for longer terms at lower cost.
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4 of 4 people found the following review helpful
A refreshingly positive take on housing, By
This review is from: Fixing the Housing Market: Financial Innovations for the Future (Wharton School Publishing--Milken Institute Series on Financial Innovations) (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
Readers of the authors' excellent Financing the Future will not be surprised that the account starts with Neolithic housing and moves on to real estate financing in ancient Egypt, Greece, India, Mesopotamia and China. The history lesson, which is brought up to the present day, is short, informative and fun to read. The important point is that financial innovations are needed to provide decent shelter.This positive attitude is refreshing in a debate that seems to be dominated by those people determined to pin all problems on government versus people pushing unaffordable expansions of government programs that have failed dismally in the past. To start with this book points out that the real housing problem is that over half the world lives in cities (for the first time in history) and over half of those people live in slums. All... Read more
2 of 2 people found the following review helpful
Fixing the Housing Market: Financial Innovations for the Future, By
This review is from: Fixing the Housing Market: Financial Innovations for the Future (Wharton School Publishing--Milken Institute Series on Financial Innovations) (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
Fixing the Housing Market: Financial Innovations for the Future is clearly the work of experts in the field and in economics. It is the joint effort of Franklin Allen, James R. Barth, and Glenn Yago. Franklin Allen is a professor of Finance and Economics at the Wharton School of Business at the University of Pennsylvania. James Barth is a professor of Finance and a Finance Fellow at the Milken Insitute whose research focuses on financial institutions, capital markets, and regulatory issues. Glenn Yago is Senior Director at the Milken Institute and founder of the Institute's Financial Innovations Lab.The book opens with a broad explanation of the current state of the global housing crisis, an overview of financing for housing, the economics of housing and financial innovations in financing. The writing is clear and persuasive, illustrated with charts and graphs, and carefully supported with citations. I found the chapter on Building Blocks of Modern Housing... Read more
2 of 2 people found the following review helpful
A valuable lesson in a very critical component of the economic crisis and recovery, By
This review is from: Fixing the Housing Market: Financial Innovations for the Future (Wharton School Publishing--Milken Institute Series on Financial Innovations) (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
As the American economy continues to stumble its' way forward out of the near financial catastrophe of late 2008, many observers warn that until the housing market recovers, no strong economic growth is possible. While the cause of the housing collapse is fairly easy to understand, too many loans were made on the expectation that housing prices were on a perpetual upward trajectory; possible solutions seem to be in short supply. There have been some modest attempts at government intervention, some politicians talk about doing either much less or much more but there seems little chance that the government will do anything significant. Part of the difficulty with this solution is that the two government agencies of Freddie Mac and Fannie Mae contributed to the problem.Within this environment and the struggle for solutions, this book serves a need, for it provides two key points of perspective. The first is that of history, the book opens with a brief description of how home and... Read more |
Sample Pages
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Table of Contents
About the Authors viii
About the Milken Institute x
Chapter 1 Housing Crises Go Global: The Boom, the Bust, and Beyond 1
Chapter 2 Building Blocks of Modern Housing Finance 21
Chapter 3 Turmoil in Global Housing Markets: Implications for the Future of Housing Finance 69
Chapter 4 Housing Finance in the Emerging Economies 103
Chapter 5 Future Innovations in Housing Finance 139
Chapter 6 Lessons Learned--Back to the Future 171
Index 181
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