The Urban Institute’s renowned experts Laurie Goodman and Jim Parrott have co-authored an important paper with former FHFA Official Bob Ryan and Moody’s Chief Economist Mark Zandi. The paper exposes the extraordinary risk that was thrust upon the housing market as a result of COVID-19 and the subsequent efforts to protect consumers. The unintended consequences of liquidity risk, credit tightening, and a potential massive disruption to the landscape of the housing finance system, is exposed in this well-laid-out paper.
Aside from explaining the complex set of challenges that could have long-lasting effects to housing and mortgage finance, they set forth some recommendations that could cushion the impact and help the nation get through this challenge. It’s a must-read for this industry and policy-makers in Washington alike.
– David Stevens
David H. Stevens, CMB, is a Mortgage Media Advisor, and former SVP of Single Family at Freddie Mac, former EVP at Wells Fargo Home Mortgage, former President and COO of the Long and Foster Realty Companies, former Assistant Secretary of Housing and FHA Commissioner, former CEO of the Mortgage Bankers Association.