“THE FINANCIAL CRISIS AND THE ROLE OF THE GSES”
Testimony prepared for
“FANNIE MAE AND FREDDIE MAC: HOW GOVERNMENT HOUSING POLICY FAILED HOMEOWNERS AND TAXPAYERS AND LED TO THE FINANCIAL CRISIS”
ON
MARCH 6TH, 2013
.
BEFORE THE
SUBCOMMITTEE ON CAPITAL MARKETS AND GOVERNMENT-SPONSORED ENTERPRISES
U.S. HOUSE OF REPRESENTATIVES
WRITTEN TESTIMONY
SUSAN M. WACHTER
Richard B. Worley Professor of Financial Management
Professor of Real Estate and Finance
The Wharton School
University of Pennsylvania
3733 Spruce Street
430 Vance Hall
Philadelphia, PA 19104
Government housing policy failed homeowners and taxpayers and it is important to understand why. The GSEs contributed to the meltdown. The direct cause of the crisis was the proliferation of poorly underwritten and risky mortgage products. The majority of these products, and the most risky products, were funded through private label securitization.
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