Will the GSEs Repeat 2007 - 2009’s Large Losses?
The Stoop (NYU Furman Center)
NOVEMBER 7, 2022
First, house prices increased by 57 percent 1 over the nearly nine years from their post-financial crisis bottom (2011 Q2) through the last quarter before the pandemic (2020 Q1). They have a credit box 8 that is akin to what existed around 2000 - 2002, i.e., before the GSEs loosened it up as mortgage bubble distortions showed up.
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