Dan Immergluck

Dan Immergluck is a professor in the School of City and Regional Planning at Georgia Tech in Atlanta and the author of Foreclosed: High-Risk Lending, Deregulation, and the Undermining of America?s Mortgage Market.

Recent Articles

Fannie, Freddie, and the Future

The secondary mortgage market worked better when it was a true public institution.

In the aftermath of the greatest housing crisis since the Great Depression, a fundamental debate is under way about the architecture of U.S. mortgage markets. At the heart of this debate is the future of Fannie Mae and Freddie Mac, the so-called government-sponsored enterprises (GSEs) that support the retail mortgage market. The eventual decision will have major implications for households and communities for generations to come. The dominant proposals being offered rely heavily on private securitization of mortgages and minimize the role of the federal government in housing finance. For those who observed with alarm the house of cards built by Wall Street's speculative mortgage products since the late 1990s, relying on private securitization and minimizing federal involvement to remedy the ensuing crisis may seem more than a bit odd. In the late 1990s, subprime securitization engineered by investment bankers fueled the stripping of home equity from vulnerable homeowners and littered...