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首页> 外文期刊>Journal of Financial Regulation and Compliance >The role of the Fannie Mae/Freddie Mac duopoly in the American housing market
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The role of the Fannie Mae/Freddie Mac duopoly in the American housing market

机译：房利美/房地美双寡头在美国住房市场中的作用

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摘要

Purpose – The purpose of this paper is to provide a brief introduction to the role of the Fannie Mae/ Freddie Mac duopoly in the American housing market. Design/methodology/approach – First, the paper defines the “government sponsored enterprise,” which is the type of hybrid public/private entity that Fannie and Freddie are and provides an introduction to the other significant government sponsored enterprises. It then explains what Fannie and Freddie do in the American mortgage market and provides a brief history of how the two companies developed. Finally, it evaluates the two companies as duopolists in the conforming mortgage market. Findings – The paper concludes by suggesting that the current financial crisis presents an opportunity to rethink whether the Fannie/Freddie duopoly continues to serve the public interest. Research limitations/implications – Because of its length, the paper does not review alternative approaches to the status quo that the US Government can take to ensure that it has a stable federal housing finance policy. Practical implications – The paper argues that the current financial crisis provides an opportunity to revisit the design of the structure of the US housing finance market. Originality/value – The paper sets forth the rationale and legal basis for characterizing Fannie Mae and Freddie Mac as duopolists.
机译：目的–本文的目的是简要介绍房利美（Fannie Mae）/房地美（Freddie Mac）双头垄断在美国住房市场中的作用。设计/方法/方法–首先，本文定义了“政府赞助企业”，这是房利美和房地美混合的公共/私营实体类型，并介绍了其他重要的政府赞助企业。然后，它解释了房利美和房地美在美国抵押贷款市场上的所作所为，并简要介绍了两家公司的发展历史。最后，它评估这两家公司在顺应的抵押贷款市场中是否是垄断者。调查结果–本文的结论是建议当前的金融危机为重新思考房利美和房地美的双头垄断是否继续为公众利益服务提供了机会。研究的局限性/含意-由于篇幅太长，本文没有就美国政府为确保其拥有稳定的联邦住房融资政策而采取的替代方法。实际意义–本文认为当前的金融危机为重新审视美国住房金融市场的结构设计提供了机会。原创性/价值–本文阐述了将房利美和房地美描述为垄断者的理由和法律依据。

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