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Housing Market Crisis

In 2006, house prices began a severe slide that resulted in a significant loss of households' wealth and triggered a wave of defaults on mortgages, which contributed to the financial crisis and recession that began in 2007. Since the end of 2011, both house prices and new construction have increased, but they remain well below their prerecession peaks. CBO has analyzed policies designed to alleviate problems in the housing and mortgage markets.
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Testimony on Turbulence in Mortgage Markets: Implications for the Economy and Policy Options

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September 19, 2007

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The Budget and Economic Outlook: An Update

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August 23, 2007

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Measuring the Capital Positions of Fannie Mae and Freddie Mac

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June 1, 2006

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Testimony on Aligning the Costs and Benefits of the Housing Government-Sponsored Enterprises

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April 21, 2005

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Updated Estimates of the Subsidies to the Housing GSEs

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April 8, 2004

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Testimony on Regulation of the Housing Government-Sponsored Enterprises

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October 23, 2003

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Effects of Repealing Fannie Mae's and Freddie Mac's SEC Exemptions

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May 1, 2003

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Letter to the Honorable Paul S. Sarbanes regarding the new-business assumption in the risk-based capital rule for Fannie Mae and Freddie Mac

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January 3, 2003

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Letter to the Honorable Richard H. Baker regarding CBO's May 2001 report on the housing GSEs

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July 11, 2001

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Letter to Franklin D. Raines, Chairman and CEO of Fannie Mae, regarding CBO's draft study on the housing GSEs

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June 21, 2001

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