| Description |
1 online resource (47 pages) : illustrations |
| Series |
IMF working paper ; WP/11/191 |
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IMF working paper ; WP/11/191.
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| Contents |
Cover Page; Title Page; Copyright Page; Contents; I. Introduction; 1. Homeownership Rates in Select OECD Countries; II. A little Bit of History; A.U.S. Homeownership Rate: A Historical Perspective; 2. Homeownership Rate in United States, 1890-2010; 3. Composition of FRM, ARM, CM Over time; B. Government Intervention: On the Financing Side; 1. History of Housing Finance in the United States; 1. Some Basic Facts on GSEs; C. Government Intervention: On the Tax Side; III. Housing Finance System Today; A. Tax Expenditures; 2. Tax Expenditures on Housing (by Beneficiary) |
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B. Federal Credit, Insurance and Guarantee4. A Schematic View of the Mortgage Intermediation Process; 3. Competing Functions by Various Institutions; 5. Mortgage Origination by Type; 6. Decomposition of Mortgages Outstanding end-2010; IV. Literature Review: The impact of government Intervention; A. On the Tax Side; 7. Distribution by Income Class of the Mortgage Interest Tax Deduction 2007; 8. Tax Benefit for U.S. States; B. On the Financing Side; 9. Fixed Rate Mortgages; V. The Cost of Government Intervention in Housing Finance; 10. Tax Expenditures by Beneficiary |
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4. Total Expenditures on Housing (by Beneficiary, per Fiscal Year)5. Income Tax Expenditures Ranked by Total Fiscal; VI. Housing Intervention in Other Countries; A. Canada; 6. United States and Canada: Housing Finance; 7. Canada and United States Mortgage Funding; B. Other OECD Countries; 8. Tax Expenditures on Housing in Select OECD Countries29; 9. Tax on Housing Capital Gains; 10. Tax on Imputed Rents; 11. Mortgage Interest Payments Tax Deductibility; 12. Select Countries: Government Mortgage-Market Support; VII. Phasing Intervention: Lessons from Other Countries; VIII. Conclusions |
| 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 |
| Notes |
At head of title: Western Hemisphere |
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Title from PDF title page (IMF Web site, viewed September 13, 2011) |
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"August 2011." |
| Bibliography |
Includes bibliographical references |
| Subject |
Home ownership -- United States
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Housing -- United States -- Finance
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Taxation -- United States.
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Home ownership
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Housing -- Finance
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Taxation
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United States
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| Form |
Electronic book
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| Author |
International Monetary Fund. Western Hemisphere Department, issuing body.
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| ISBN |
1283567253 |
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9781283567251 |
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9781462307258 |
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1462307256 |
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9781463900717 |
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1463900716 |
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