Experience Stern | News & Events

Excerpt from The New York Times -- "Given the evidence, US society would benefit from a more balanced housing policy that puts equal weight on rental and home ownership assistance programs. On the ownership side, we need a policy that stimulates the accumulation of home equity, for example through down payment assistance, rather than mortgage debt. We should cut the benefits for the rich by lowering the limit below which Fannie and Freddie can purchase mortgages (or phase out these government-sponsored enterprises altogether as I have argued in 'Guaranteed To Fail'), by capping the mortgage interest rate deductibility, and by focusing efforts on first-time buyers."

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