Congress, United States, Essy discussed on Masters in Business
On Bloomberg radio. Welcome to the podcast. Lynn, thank you so much for doing this. I am a housing. Geek, I'm really fascinated by this topic. I brought a book for you that was the manifestation of of that geek DM cold bailout nation, but one of the things that I think listeners should be aware of relative to the conservative ship of Fannie Mae. And Freddie, MAC was when the feds rescued the two GS's they put a whole bunch of conditions on them. They're not allowed to lobby congress. There's just a whole run of things they couldn't do for some reason they couldn't remember congress never got around to putting the same sort of restrictive conditions on Bank America, or Goldman Sachs or any of the other big entities that were lobbying every bit as aggressively as the GS's. Essy's were pre crisis. So they kind of imposed one set of rules for the GS's and ignored the banks roles in lobbying congress for some really. Let's just call a generous regulatory oversight that that contributed in some way to the to the financial crisis. So a lot of questions that people who know who I am and what I've written about right around. Now, they're probably thinking how come results is asking him any of these questions? It's because you're not allowed by congressional mandate to discuss that m I over stating that or aside from the fact, you weren't there during the crisis. But there are restrictions as to what you can publicly state. Are you allowed to answer that or you restricted on that I can answer that Barry, I mean, one of the things I try to do. And I think is important is not, you know, over specify what my expertise is. So I'm focused on the housing and mortgage market, the economy the economics of that the policy stuff, that's really other groups if need an economist talk about what might be the policy economic implications. I might do analysis, but but a lot of that is sort of not my area. And so I try to. Stay in my lane and focus on the economy. What the mortgage market is doing totally fair. We understand that. So let's let's stay in your lane. And stick to it the one question, I don't know if you can't ask. But I think it it's really intriguing. For a long time. Homeownership was the cornerstone of the American economy speaking generally within your lane. What are your thoughts about this is is the housing safter still a key part of the economy is going to continue to be for the foreseeable future. How do you how do you fit this into the overall? Economic growth that we're seeing. Yeah. You know, a couple of years ago, HUD, housing urban development. They put together a publication invited some researchers to write on the provocative title could the homeownership rate in the United States fall below fifty percent so Brown. What does it currently run sixty four percent? And that was peaked almost like sixty nine nine. Yeah. It right in the middle of six seven something like that. Yeah. Yeah. Actually peaked in. Oh four and then in no six again, it sort of hit around that sixty nine eight double top. Okay. But they were they were really focused on this analysis. Say no could the homeownership rate drop to levels that we haven't seen since the nineteen fifties. And so we took that up and did some analysis to try and see and look at that and say that doesn't seem the case. I mean, it may it's unlikely that the United States is going to see a homeownership rate of back around sixty nine percent, given sorta demographics and other forces. But I think there's some upward momentum because we've got an aging population that tends to have home ownership and the. Populations..