Center for Financial Markets

FinReg21: Modernizing Financial Regulation for the 21st Century

Regulation has a vital role in any financial system—and changes to U.S. financial regulation were clearly needed in the wake of the financial crisis. However, in a constantly evolving economy, discussion over the proper calibration of...
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Michael Bright, Jackson Mueller, and Phillip Swagel

Proposed Guidance for Third-Party Lending

Submitted electronically Rae-Ann Miller Associate Director Federal Deposit Insurance Corporation 550 17th St., N.W. Washington, DC 20429-9990 Dear Ms. Miller, The Milken Institute Center for Financial Markets would like to thank you for the...
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Milken Institute

Toward a New Secondary Mortgage Market

There is a simple and sensible way to finally achieve comprehensive housing finance reform in the U.S.. The approach proposed in this paper is to amend the charters of Ginnie Mae, Fannie Mae and Freddie Mac, and the Federal Housing Finance...
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Eric Kaplan, Ed DeMarco, and Michael Bright

Why Housing Reform Still Matters

Eight years after the mortgage meltdown, America’s housing system remains broken, serving neither taxpayers nor homeowners properly. Ed DeMarco and Michael Bright have released the first in a four-part series of papers designed to help...
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Eric Kaplan, Michael Bright, and Ed DeMarco

Legislative Approaches to Housing Finance Reform

By the standards of the contemporary American political system, proposals to reform the U.S. housing finance system moved relatively far through the legislative process in 2013 and 2014, with different bills receiving positive votes in...
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David Scharfstein and Phillip Swagel