The Future of the Nation's Housing Finance System: Reform or Paralysis

Abstract This article discusses problems of the current housing finance system and outlines alternatives for reform. At the national level proposals to alter the basic asset-liability mismatch of the housing oriented thrift institutions have been stymied, but significant change is underway at state and local levels fueled by technology, consumer pressure, and financial markets. Some of the prospects and policy implications are outlined with a discussion of the possible impacts of financial reform on housing.