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Homesick blues

机译:想家的忧郁

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摘要

America's booming housing market, and the government-sponsored agencies that are financing it, may be the source of nasty economic problems ahead. House prices are notoriously cyclical. So it is fair to assume that the boom currently being experienced by America's housing market will not last forever. When the market does turn down, it will have the usual dampening effect on economic growth. In this cycle, however, there may be even more to worry about. A reversal in the housing market could have serious implications for the institutions whose lending has fuelled the boom. These include gov-ernment-"sponsored" mortgage agencies such as Fannie Mae (the Federal National Mortgage Association), Freddie Mac (the Federal Home Loan Mortgage Corporation) and the Federal Home Loan bank system, which is mutually owned by thrifts. These institutions are increasingly important to the health of America's entire financial system.
机译:美国蓬勃发展的住房市场以及为之提供资金的政府资助机构,可能是未来令人讨厌的经济问题的根源。众所周知,房价是周期性的。因此可以公平地假设,美国住房市场目前正在经历的繁荣不会永远持续下去。当市场确实下跌时,它将对经济增长产生通常的抑制作用。但是,在此周期中,可能还要担心更多。住房市场的逆转可能会对那些借贷助长繁荣的机构产生严重影响。这些包括政府“赞助”的抵押贷款机构,例如房利美(Fannie Mae)(联邦国家抵押贷款协会),房地美(Feddie Mac)(联邦住房抵押贷款公司)和联邦住房贷款银行系统,该系统由储蓄机构共同拥有。这些机构对于美国整个金融体系的健康日益重要。

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