Capstone Project Finance (Final Project)
CAPSTONE PROJECT
Project Title: APPLICABLE FINANCIAL POLICIES CHANGES THAT CAN BE USED TO ENCOURAGING HOUSE AND HOME OWNERSHIP IN MICHIGAN
Submitted by:
Submitted to University MBA/MS Program [list one]
Capstone Mentor: [name]
For University Use Date Received: ______________________________________________ Reviewed by: _______________________________________________
Approved/Disapproved: ______________________________________________ Signature: ______________________________________________ Date: ______________________________________________ Comments: ______________________________________________ ______________________________________________ _______________________________________________ _______________________________________________
Abstract
The need to encourage house or homeownership has been in the government’s strategic plan since 1934, however, the current financial policies and practices in the housing finance and the mortgage market has characterized by minimum flow of capital in the secondary mortgage market, confusion on the main control authority and various ill practices. This fact has necessitated various changes in the house and homeownership financial. This study collected both primary and secondary data, and found out that the government must set the right policies that will empower house and home consumers to circumvent biased practices and practice informed decision making, these sentiments. There must be an improvement in the foreclosure processing and mortgage servicing, notably, from the beginning of the last financial crisis, foreclosures and NAR tried to work by administrators and regulators to formulate criteria for decreasing the risk of foreclosure. There should be increased capital availability to creditworthy borrowers from all communities and states including Michigan. The
Project Title: APPLICABLE FINANCIAL POLICIES CHANGES THAT CAN BE USED TO ENCOURAGING HOUSE AND HOME OWNERSHIP IN MICHIGAN
Submitted by:
Submitted to University MBA/MS Program [list one]
Capstone Mentor: [name]
For University Use Date Received: ______________________________________________ Reviewed by: _______________________________________________
Approved/Disapproved: ______________________________________________ Signature: ______________________________________________ Date: ______________________________________________ Comments: ______________________________________________ ______________________________________________ _______________________________________________ _______________________________________________
Abstract
The need to encourage house or homeownership has been in the government’s strategic plan since 1934, however, the current financial policies and practices in the housing finance and the mortgage market has characterized by minimum flow of capital in the secondary mortgage market, confusion on the main control authority and various ill practices. This fact has necessitated various changes in the house and homeownership financial. This study collected both primary and secondary data, and found out that the government must set the right policies that will empower house and home consumers to circumvent biased practices and practice informed decision making, these sentiments. There must be an improvement in the foreclosure processing and mortgage servicing, notably, from the beginning of the last financial crisis, foreclosures and NAR tried to work by administrators and regulators to formulate criteria for decreasing the risk of foreclosure. There should be increased capital availability to creditworthy borrowers from all communities and states including Michigan. The
References: Arestis, P., Mooslechner, P., & Wagner, K. (2010). Housing market challenges in Europe and the United States. Basingstoke, UK: Palgrave Macmillan. Baily, M. N. (2011).The Future of Housing Finance: Restructuring the U.S. Residential Mortgage Market. Brookings Institution Press Creswell, J Creswell, J. W., & Clark, V. L. (2007). Designing and conducting mixed methods research. Thousand Oaks, Calif.: SAGE Publications. Creswell, J. W., & Creswell, J. W. (2009). Research design: qualitative, quantitative, and mixed methods approaches (3rd ed.). Los Angeles: Sage. Duclos, J., & Makdissi, P. (2002). Socially-efficient tax reforms. Sherbrook: University of Sherbrook, Department of Economics. Federal Reserve Bank of New York. (2010). Current Issues in Economics and Finance. Goldfield, D. R. (2007). Encyclopedia of American urban history. Thousand Oaks: Sage Publications. Gravin, A. (2002). The American city: what works, what doesn 't.. New York: McGraw-Hill. Mitchell, J. P. (1985). Federal housing policy and programs: past and present. New Brunswick, N.J.: Center for Urban Policy Research. Monroe, A. (2002). How the Federal Housing Administration affects homeownership. Cambridge, Mass.?: Joint Center for Housing Studies, Harvard University. NAR Issue Analysis (2011). Reforming America’s Housing Finance Market. Retrieved, 1st April, 2012, from, www.realtor.org/.../government_affairs_GSE_analysis_021211.pdf Swindler, S Virtanen, B. W. (2011). Housing finance reform in America. Hauppauge, N.Y.: Nova Science Publishers. Woodward, S. E. (2008). A study of closing costs for FHA mortgages. Washington, DC: U.S. Department of Housing and Urban Development, Office of Policy Development and Research. Thank you for participating in filling the house and homeownership financial policy changes questionnaire. Please submit the completed questionnaire by 31st March, 2012.