A series of seemingly intractable obstacles stand in the way of transforming the housing and mortgage markets to reduce government involvement. Peter Eavis asks if a second term president is exactly the force needed to overcome such obstacles.
"Mr. Obama's economic team has consistently said it wants the housing
market to work without significant government support," notes Eavis. But with 92 percent of all new residential mortgages established in the latest quarter "backstopped by various government entities," it's clear the administration hasn't made much progress on that front.
One reason for the lack of movement may be that the obstacles are so intractable. "Housing policy is hard to tackle because so many people have benefited
from the status quo." writes Eavis. "The entire real estate system - the banks, the
agents, the home buyers - all depend on a market that provides
fixed-rate, 30-year mortgages that can be easily refinanced when
interest rates drop. That sort of loan is rare outside of the United
States. And any effort to overhaul housing and the mortgage market could
eventually reduce the amount of such mortgages in the country, angering
many and creating a political firestorm."
Eavis believes a second term president may be the right force to take on these challenges, and that the housing market may be ready to deal with a government pullback. He outlines several steps that the administration could take to get the private sector more involved in the mortgage market, and allowing the government to focus on lower-income borrowers.
FULL STORY: For Obama, Housing Policy Presents Second-Term Headaches

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

Chicago’s Ghost Rails
Just beneath the surface of the modern city lie the remnants of its expansive early 20th-century streetcar system.

Amtrak Cutting Jobs, Funding to High-Speed Rail
The agency plans to cut 10 percent of its workforce and has confirmed it will not fund new high-speed rail projects.

Ohio Forces Data Centers to Prepay for Power
Utilities are calling on states to hold data center operators responsible for new energy demands to prevent leaving consumers on the hook for their bills.

MARTA CEO Steps Down Amid Citizenship Concerns
MARTA’s board announced Thursday that its chief, who is from Canada, is resigning due to questions about his immigration status.

Silicon Valley ‘Bike Superhighway’ Awarded $14M State Grant
A Caltrans grant brings the 10-mile Central Bikeway project connecting Santa Clara and East San Jose closer to fruition.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Caltrans
City of Fort Worth
Mpact (founded as Rail~Volution)
City of Camden Redevelopment Agency
City of Astoria
City of Portland
City of Laramie