Abstract
This paper discusses the role of government mortgage guarantee schemes in housing policy. It explores different types of government mortgage guarantee scheme, which play different roles, in eight countries. Mortgage guarantee schemes interfere in the mortgage market in order to improve access to mortgages. Such guarantees can be shaped as self-supporting instruments or as subsidies. If the latter is the case the issue of competition and a level playing field is relevant. This paper explores the US and the Dutch guarantee models in depth in order to answer the question of whether these schemes are unsubsidised mortgage market instruments or subsidised programmes. It concludes by reflecting on the meaning of the outcomes in the context of EU competition policy.
Published Version
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