Home Sweet Home: Government's Role in Reaching the American Dream

August 1, 2011

Preview Citation

Format: Chicago

Evridiki Tsounta. Home Sweet Home: Government's Role in Reaching the American Dream, (USA: International Monetary Fund, 2011) accessed November 21, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper investigates the role of government intervention in achieving the American dream of homeownership. The study analyzes the role of tax deductions in housing finance, including their impact on homeownership and housing consumption. The role of the Government Sponsored Enterprises in facilitating the creation of a secondary market for mortgage-backed securities is also analyzed as well as the role of the Federal Housing Administration. Cross-country comparisons of how housing is financed in other industrial countries is also provided, emphasizing how other countries have been able to achieve comparable homeownership rates as the United States in a less complicated and fiscally cheaper system. Country experiences of successfully phasing out government intervention are also analyzed.

Subject: Financial institutions, Housing, Housing prices, Loans, Mortgages, National accounts, Prices, Tax allowances, Taxes

Keywords: Australia and New Zealand, Deduction cap, Finance system, Global, Government guarantees, Guarantee scheme, Homeownership, Housing, Housing finance, Housing prices, Interest deductibility, Interest deduction, Loans, Mortgage interest deduction, Mortgage interest payment, Mortgage interest relief, Mortgage market, Mortgage originator, Mortgage tax, Mortgages, Property tax, Securitize mortgage, Tax allowances, Tax expenditures, Tax relief, Veterans' Administration mortgage, WP

Publication Details

Pages:

46
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2011/191
Stock No:

WPIEA2011191
ISBN:

9781462307258
ISSN:

1018-5941

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