John McIlwain

John K. McIlwain is the director of the climate, mind behavior program at the Garrison Institute. He was the Senior Resident Fellow/J. Ronald Terwilliger Chair for Housing at the Urban Land Institute (ULI) in Washington, D.C. An author, speaker and former lawyer, McIlwain brings more than 35 years of experience in the fields of housing, housing investment and the development of sustainable housing.

As the current Congress winds down with its overburdened lame duck session, attention is beginning to turn to what the new Congress may mean for housing finance. Even though the new Congress has not yet been organized and Committee chairs and members picked, read what John McIlwain, Senior Resident Fellow, ULI/J. Ronald Terwilliger Chair for Housing, believes to be some themes worth paying attention to in the coming months.
Two facts in particular distinguish Generation Y from any previous U.S. generation: it is by most accounts the largest in U.S. history, consisting of some 80 million people or more, and it is by far the most economically challenged since the Great Depression. While they share many of the same dreams of those before them, read how gen-Yers are likely to react differently in their search for affordable housing.
Conditions today and for the next few years are not favorable for any kind of development, much less the large-scale, greenfield development that has characterized master-planned communities for the past five decades. Read about 12 new approaches to such development worth considering as a response to the changing marketplace.
The jobs numbers released this past Friday show unemployment continues unabated even as the federal stimulus program winds down and states and local governments continue to cut back on jobs. The lack of new jobs and the high rate of unemployment especially among the “Echo Boomers” who should be buying their first homes, estimated by some to be over 30%, will keep household formation, now a quarter of what it would normally be, low and housing demand stalled.
The group goes by various names: the Echo Boomers, Generation Y, the Millennials, or the Obama Generation. By all rights they should be starting to buy their first homes in large numbers. Only they are not. They are not forming new households despite being at the prime age for moving out on their own. Learn what John McIlwain thinks is a trend that is here to stay and will reshape master planned communities.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173), recently signed into law by President Obama, is the most sweeping legislation regulating the U.S. financial services industry since the Great Depression. Some of the act’s provisions became effective immediately upon enactment. Read more about the impact of the provisions relating to the securitization of mortgages.
An August 17 meeting exploring reform of Fannie Mae and Freddie Mac, sponsored by the U.S. Treasury Department and the U.S. Department of Housing and Urban Development, showed wide disagreement about what to do about the two giant mortgage suppliers and when to do it. The administration has vowed its full support for these government-sponsored entities ( GSEs), but Treasury Secretary Timothy Geithner began the meeting by asserting that there will be fundamental changes to the two GSEs.
For the past two years, 96 percent of all financing for housing in the United States has been provided by the federal government. Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA) have become the mainstays of financing for both homeownership and rental housing. Since the federal government’s takeover of Fannie Mae and Freddie Mac and the collapse of Lehman Brothers, the private mortgage market has become little more than a memory.
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