讲座题目：Government Driven Mortgage Guarantee Program and Macroeconomic Effects

主讲人：汪意成

时间：6月14日（周二） 14:00-16:00 pm

地点：304am永利集团1305会议室

摘要：Government-driven mortgage guarantee programs (e.g., Federal Housing Administration, the Department of Veterans Affairs, and the Rural Housing Service loans) aim to help financially disadvantageous households own their houses. This paper analyzes the macroeconomic and redistribution effects of these government programs. We propose a quantitative model where households endogenously choose their mortgage types either with or without government guarantees. Households that take out mortgages with government guarantees pay up-front insurance premium, while those who choose mortgages without government guarantees face borrowing limits. Our model successfully matches several mortgage- and household finance-related moments. The mortgage guarantee program makes low- and moderate-income and asset households affordable to buy their houses. Next, we analyze impacts of a decrease in government subsidies on household welfare. Our numerical exercise shows that a decline in government subsidies can improve aggregate household welfare, though the welfare implications are different across households depending on their financial statuses.

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