Prof. Cox in NYT on HFA Mortgage Programs

Professor Prentiss Cox was quoted in a New York Times article about state housing finance agencies offering purchase money home loans with no or minimum down payment. Cox stated that such loans were publicly beneficial despite having a similar feature to the loans that led to the mortgage market collapse. He noted the strong record of state HFAs in making loans to promote home ownership and distinguished responsible subprime lending by public agencies from the unregulated private loan market for subprime loans that led to the financial crisis.