American Housing Finance: Learning from the Past, Building for the Future
Edward J. Pinto | Presentation before the 2011 American Mortgage Conference
September 20, 2011

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Over the span of one generation the United States has experienced two spectacular failures in single family housing finance

  • Federal policy interventions were instrumental in both, saddling taxpayers with two massive bailouts.
  • These failures did not come about in spite of government interventions but because of them. The current bailout has hobbled our economy with historically high borrower leverage and inadequate capital backing for a debt market consisting of over $10 trillion in first and second mortgages.
  • Housing markets in no other developed country have suffered a similar fate. One must ask why

Edward Pinto is a resident fellow at AEI

 

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About the Author

 

Edward J.
Pinto
  • An executive vice president and chief credit officer for Fannie Mae until the late 1980s, Edward Pinto has done groundbreaking research on the role of government housing policies in the lead-up to the financial crisis. In particular, his data have revealed striking facts about the contributions of housing policy to the mortgage crisis. Two of his major research papers have been submitted to the Financial Crisis Inquiry Commission: "Government Housing Policies in the Lead-up to the Financial Crisis: A Forensic Study" and "Triggers of the Financial Crisis." At AEI Mr. Pinto is continuing his work on the role of housing policies in the financial crisis and researching policy considerations and options for rebuilding our housing-finance sector.
  • Phone: 240-423-2848
    Email: edward.pinto@aei.org

  • Assistant Info

    Name: Emily Rapp
    Phone: 202-419-5212
    Email: emily.rapp@aei.org
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