#05-31
Reforming the Home Mortgage Market: Attacking the Problem Rather Than Its Symptoms
Jack Guttentag
Abstract: This paper is motivated by two recent developments. One is the demise of HUD’s proposals for RESPA reform. The other is the efforts currently underway to have the Federal government preempt all the state and municipal laws directed to predatory lending in order to have one nationwide set of rules. Any new rules should directly confront the causes of market failure, which neither the HUD proposals nor the efforts of states and municipalities have done.
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