Introduction. The Shaky Foundations of the Home Capital Crisis / Stephanie Ben-Ishai -- Governance Challenges in Times of Crisis / Poonam Puri -- HOOPP and Home Capital: Pension Funds as Good Governors and Crisis Managers / Simon Archer -- Securities Regulators and Investor Education / Gail E....

Frontmatter -- Acknowledgments -- Contents -- Tables -- Figures -- A. Introduction -- B. The housing market -- C. The mortgage market -- D. Housing and government policy -- Appendix: Summary of Symbols and Sources of Data -- Notes

To identify and quantify downside risks to housing markets, we apply the house price-at-risk methodology to a sample of 37 cities across the United States and Canada using quarterly data from 1983 to 2018. This paper finds that downside risks to housing markets in the United States have...