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There is no better way to quickly buoy hard-pressed homeowners than helping them take advantage of the currently record low fixed mortgage rates and significantly reduce their monthly mortgage payments.

Mark Zandi

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Mark Zandi
Age: 54
Economist
Pennsylvania
United States
Better
Fixed
Payments
Take
Quickly
Significantly
Hard
Lows
Pressed
Way
Rate
Mortgage
Record
Currently
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Homeowners
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Global central banks are working hard to lift their economies through an aggressively easy monetary policy. The ECB [European Central Bank] and BOJ [Bank of Japan] are buying tens of billions of bonds and other financial securities each month in an effort to stimulate their economies, which is pushing down rates everywhere, including in the U.S.
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Potential home buyers have a two-step decision process. First, they determine whether they can afford to make a purchase - does their income safely cover their mortgage payment? Then they determine whether owning is a better financial choice than renting - are the costs of owning a home lower than the cost of renting it?
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The extension and expansion of the payroll tax holidays for workers would be number one on my list and key to avoiding recession.
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I've done work for both Democrats and Republicans.
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It has become fashionable to rail against government intervention in the economy, and the FHA is a favorite example by those trying to show the government's overreach. In reality, the FHA shows how government action during the Great Recession forestalled a much worse economic fate.
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Our biggest challenge is to eliminate the popular perception that economists don't have anything useful to say.
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In a forbearance, the homeowner pays interest and principal on a smaller mortgage, at least for a time, but still owes the full amount. The lower monthly payment helps with affordability, giving stressed homeowners a break.
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Our economy isn't going to recover until the housing market finds its footing.
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The most important point is, in a time of crisis, there is no way out but for the government to be bold and aggressive.
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Indeed, the FHA was born out of the Great Depression, which was also caused in significant part by a foreclosure crisis. Mortgages in the early 1930s were mostly three- to five-year 'bullet' loans, which did not amortize and were due in full at maturity.
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The Tea Party was born out of the disgust many Americans felt early in the financial crisis upon learning that the federal government was even contemplating reducing the principal on some troubled mortgages.
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The upshot of Mr. Trump's economic policy positions under almost any scenario is that the U.S. economy will be more isolated and diminished.
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I only have two things in my life, my family and work. If there's any time left over, then I play sports.
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It is hard to be enthusiastic about the economy's prospects when house prices are falling: Households spend less, small business owners can't use homes as collateral for loans and local governments are forced to cut jobs and programs as property-tax revenue disappears.
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In a normal time, I don't think economic policy makes a large difference one way or another. But in times of crisis it makes all the difference in the world.
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Too-easy credit and millions of bad loans made during the U.S. housing bubble paved the way for the financial calamity and Great Recession that followed. Today, by contrast, credit is too tight. Mortgage loans are particularly hard to get, creating a problem for the housing market and the broader economy.
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No one should expect the value of their house to appreciate quickly - counting on your home to be a significant part of your retirement saving isn't a winning strategy - but it is reasonable to expect that prices generally will rise with at least the rate of inflation for some time to come.
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A home is still the biggest asset that most Americans own.
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At the center of every recession is a serious imbalance in the economy and mirrored in the financial system. Think subprime mortgage and the Great Recession, or the technology bubble and the early 2000s recession. There are no such imbalances today.
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