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Morris
A. Davis |
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Department of Real Estate and
Urban Land Economics Wisconsin
School of Business Grainger
Hall #5261 975
University Avenue Madison,
WI 53706-1323 US Voice
and Fax: (+1) 608 262-8775 Email: mdavis at
bus.wisc.edu Current
affiliations beyond the Wisconsin School of Business: ·
Fellow of
the Lincoln Institute of Land Policy ·
Academic
Advisory Council, Federal
Reserve Bank of Chicago ·
Board of
Directors, American Capital Agency Corporation |
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Academic Papers on Housing, Macroeconomics, and Asset Pricing
. Academic Papers on Health and Labor Economics
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·
The Wisconsin Foreclosure and
Unemployment Relief Plan 1. Power
Point slides describing the
plan 11-17-2009 (.ppt file) 2.
Calculations: 3.
Suggested WI-FUR voucher
amounts by county (.xls file) 4. Briefing to
Congressional staff on 12-04-2009 (.ppt file) 5. My
posting on blog Econbrower 6. WI-FUR web site (somewhat
dated) 7. The “Boston Fed”
plan (another plan that will prevent foreclosures of the unemployed) ·
Various problems with the
Administration’s current plan: HAMP
mortgage modifications a. Wrong Economics The
unemployed are not eligible to be helped by HAMP. In a
recent Freddie Mac survey, 57% of prime conforming borrowers who made
successful contact with their servicers list “Unemployment or Curtailment of
Income” as the main hardship reason.
The #2 and #3 reasons were “Excessive Obligation” (19%, again this
could be unemployment) and “Illness or Death in the Family” (11%) b. Poor Administration Threat of
perjury, mail fraud, wire fraud, etc. See page 4!
(.pdf file) c. Destructive Impact to Credit Score A mortgage
modification can cause a 100 point hit (= destructive) to FICO credit
scores. CNN article here. |