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We discuss the federal housing policy and homeownership in America. What political forces helped create our modern housing policy?
This week we’re talking with Mark Calabria about homeownership and federal housing policy in the United States and its role in the 2008 financial crisis. Why does homeownership seem to be so important in the U.S.—or at least so important to our politicians? How do mortgages work, and how has the government been involved in tinkering with the mortgage market? What do Fannie Mae, Freddie Mac, and the Federal Housing Administration do? How do inflation rates and interest rates affect Fannie Mae and Freddie Mac’s loan guarantees? How do people respond to these incentives? And finally, what caused the 2008 financial crisis and how can we avoid a repeat crisis?
Show Notes and Further Reading
Randal O’Toole, American Nightmare: How Government Undermines the Dream of Homeownership (book)
Peter Wallison, Thomas Stanton, and Bert Ely, Privatizing Fannie Mae, Freddie Mac, and the Federal Home Loan Banks: Why and How (book)
Mark A. Calabria, is director of financial regulation studies at the Cato Institute. Before joining Cato in 2009, he spent six years as a member of the senior professional staff of the U.S. Senate Committee on Banking, Housing and Urban Affairs.
Aaron Powell founded Libertarianism.org. He is now the host of (Re)Imagining Liberty, a podcast about the case for radical freedom.
Trevor Burrus was a research fellow in the Cato Institute’s Robert A. Levy Center for Constitutional Studies and editor-in-chief of the Cato Supreme Court Review. His research interests include constitutional law, civil and criminal law, legal and political philosophy, legal history, and the interface between science and public policy.
He is the editor of A Conspiracy against Obamacare (Palgrave Macmillan, 2013) and Deep Commitments: The Past, Present, and Future of Religious Liberty (Cato, 2017). Burrus holds a BA in philosophy from the University of Colorado at Boulder and a JD from the University of Denver Sturm College of Law. He also contributed a chapter to Libertarianism.org’s Visions of Liberty.