클린턴 행정부의 재정 긴축과 저소득층 주택담보대출 정책

This study analyzes the causes and processes through which the policy to expand low-income mortgage loans emerged as a housing welfare measure during the Clinton administration. The Clinton administration inherited the fiscal and housing policies of the Bush administration. Under the premise that the economy could only grow by reducing government spending, social welfare expenditure was constrained to prevent an increase in the fiscal deficit. Against this backdrop, low-income households were encouraged and supported to invest in real estate, mainly self-owned housing, thereby reducing their long-term dependency on welfare. The Clinton administration pursued its predecessor’s low-income homeownership policy more aggressively, capitalizing on initiatives aimed at increasing access to housing finance. Highlighting the significance of flexible and “innovative” lending products, the Clinton administration reformed the Community Reinvestment Act to base ratings ultimately on loan performance scores and increased the purchases of low-income mortgages by Fannie Mae and Freddie Mac by utilizing Affordable Housing Goals.