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Article

Solving the Housing Crisis: Investors Need to Play
Vital Role

Laurie S. Goodman, Roger Ashworth, Brian Landy and Lidan Yang
The Journal of Fixed Income Winter 2012, 21 (3) 15-30; DOI: https://doi.org/10.3905/jfi.2012.21.3.015
Laurie S. Goodman
is a senior managing director at Amherst Securities Group LP in New York, NY.
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Roger Ashworth
is a mortgage-backed security (MBS) analyst at Amherst Securities Group LP in New York, NY.
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  • For correspondence: rashworth@amherst.com
Brian Landy
is a senior vice president at Amherst Securities Group LP in New York, NY.
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  • For correspondence: blandy@amherst.com
Lidan Yang
is a senior vice president at Amherst Securities Group LP in New York, NY.
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  • For correspondence: lyang@amherst.com
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Abstract

The housing market remains very vulnerable. We make the case that a sizeable supply/demand imbalance has been created by the fact that the housing market faces a huge overhang of homes from borrowers who are either not making mortgage payments or will be unable or unwilling to do so in the future. At the same time, 19% of 2007 borrowers would not qualify for a mortgage today by virtue of payment history alone. And the demand for home ownership has further contracted because credit availability is limited. Every single governmental action seems to be moving toward limiting credit availability further still. We strongly believe that investors are the key to increasing housing demand, and the best way to encourage this is to increase financing for investor properties.

  • Copyright © 2011 Amherst® Securities Group, LP. All Rights Reserved. This document may not be republished, redistributed, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of Amherst. Any unauthorized use or disclosure is prohibited, and receipt and review of this document constitutes your agreement to abide by the restrictions specified in this paragraph.
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The Journal of Fixed Income: 21 (3)
The Journal of Fixed Income
Vol. 21, Issue 3
Winter 2012
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Solving the Housing Crisis: Investors Need to Play
Vital Role
Laurie S. Goodman, Roger Ashworth, Brian Landy, Lidan Yang
The Journal of Fixed Income Dec 2011, 21 (3) 15-30; DOI: 10.3905/jfi.2012.21.3.015

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Solving the Housing Crisis: Investors Need to Play
Vital Role
Laurie S. Goodman, Roger Ashworth, Brian Landy, Lidan Yang
The Journal of Fixed Income Dec 2011, 21 (3) 15-30; DOI: 10.3905/jfi.2012.21.3.015
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  • Article
    • Abstract
    • SIZING THE PROBLEM
    • SUPPLY/DEMAND IMBALANCE
    • TIGHTENING OF CREDIT STANDARDS
    • GOVERNMENT POLICY—FURTHER TIGHTENING ALREADY TIGHT STANDARDS
    • IMPLICATIONS—HOME PRICES
    • PARTIAL SOLUTION #1—ANOTHER PLEA FOR PRINCIPAL REDUCTIONS
    • PARTIAL SOLUTION #2—ENCOURAGING INVESTORS TO PARTICIPATE IN THE MARKET
    • THE GOVERNMENT PROGRAM TO FACILITATE SALES OF REO PROPERTIES AND NPLS
    • BULK SALES OF REO PROPERTIES AND NPLS
    • FINANCING FOR INVESTOR PROPERTIES
    • CONCLUSION
    • Footnotes
    • REFERENCES
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