Housing and Financial Stability: Mortgage Lending and Macroprudential Policy in the UK and US, 1st Edition (Hardback) book cover

Housing and Financial Stability

Mortgage Lending and Macroprudential Policy in the UK and US, 1st Edition

By Alan Brener

Routledge

272 pages

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Hardback: 9780367355531
pub: 2020-01-31
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Description

This book brings together politics, law, financial services regulation, economics and housing policy in the analysis of mortgage lending and macroprudential policy in the UK and US.

The book addresses the relationship between housing policy, credit and financial instability in light of the recent global financial crisis, and proposes both short and long-term solutions. Although it is not known where the next crisis will come from, history suggests that it will have credit and property at its source. Thus, it is important that the UK and other countries look more broadly at what should be done in terms of policies, institutions and tools to make the housing market and mortgage lenders more resilient against a future crisis. This book sets out a number of workable proposals. Central to this work are questions relating to the quantitative macroprudential measures, such as loan-to-value (LTV) and debt-to-income (DTI) restrictions, and whether these can be used to any significant extent in western democracies and, if employed, whether they are likely to be effective. In particular, the book questions the political legitimacy of their use and the potential consequences for the institutions, such as central banks, promulgating such policies. Preserving financial stability in very uncertain market conditions is of key importance to central bankers and other regulators, and macroprudential policy is a rapidly growing subject for both legal and economics study.

This book will therefore be of interest to financial professionals, policy-makers and academics.

Table of Contents

Table of contents

List of figures

Acknowledgment

Book abstract

Chapters

1. Introduction – housing, mortgages and society

2. Macroprudential policies: rationale, scope and issues

3. Macroprudential policy instruments

4. US mortgage conduct of business regulatory policy

5. Conduct of business mortgage regulation in the UK

6. The political legitimacy of using macroprudential policy instruments

7. US Federal intervention in the housing market and possible lessons from the Veterans Administration

8. Housing markets: the political and macroprudential policy implications

9. Conclusion

 

 

 

 

 

Appendices

List of abbreviations

Bibliography

About the Author

Alan Brener is Deputy Director of the Centre for Ethics and Law at University College London and a Teaching Fellow at University College London’s Law Faculty. He has a PhD from Queen Mary University of London and LLM from UCL. He has worked for many years in financial services and its regulation.

About the Series

Routledge Research in Finance and Banking Law

This series explores the key developments in financial and banking law, offering critical analyses of legislation and regulatory frameworks at the international regional and domestic levels. Legislation, case law, regulatory structures and institutions are discussed from a variety of theoretical and methodological approaches. The books in this series provide valuable and far-reaching investigations into the challenges of regulating finance and banking in a fast-moving and interconnected global economy.

Learn more…

Subject Categories

BISAC Subject Codes/Headings:
BUS054030
BUSINESS & ECONOMICS / Real Estate / Mortgages
LAW000000
LAW / General
LAW009000
LAW / Business & Financial
LAW047000
LAW / Housing & Urban Development
LAW051000
LAW / International