Anthony B. Sanders

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Anthony B. Sanders

  • Mercatus Center Senior Scholar
  • Distinguished Professor of Real Estate Finance
  • Member, Financial Markets Working Group

Anthony B. Sanders is a senior scholar at the Mercatus Center at George Mason University. He is a professor of finance at the School of Management at George Mason University where he is the Distinguished Professor of Real Estate Finance. His primary research interests include financial institutions and capital markets with particular emphasis on real estate finance and investment.

Dr. Sanders has previously taught at the University of Chicago’s Graduate School of Business, University of Texas at Austin’s McCombs School of Business, and Ohio State University’s Fisher College of Business. In addition, he served as Director and Head of Asset-backed and Mortgage-backed Securities Research at Deutsche Bank in New York.

His research and teaching focuses on financial institutions and capital markets with particular emphasis on real estate finance and investment. He has published articles in journals including Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Business, Journal of Financial Services Research, Journal of Housing Economics. Dr. Sanders has received six teaching awards and three research awards. He serves as associate editor for several leading journals. Recently, he has given presentations to the European Central Bank in Frankfurt, Exane BNP Paribas in Paris and Geneva, and the Bank of Japan on the subject of the housing bubble and commercial real estate in the U.S. mortgage market. He has given other presentations in Chile, Japan, China, Poland, England, and Mexico in recent years. Dr. Sanders has testified before the U.S. Senate and U.S. House of Representatives on the real estate asset and debt markets. Also, he was an invited speaker to the Federal Trade Commission on the subject of predatory lending.

Dr. Sanders received his PhD and MA from the University of Georgia.

Published Research

House of Cards: Reforming America's Housing Finance System

Dwight M. Jaffee, Arnold Kling, Peter Wallison, Lawrence J. White, Michael Lea, Anthony B. Sanders, Edward Glaeser | Feb 29, 2012
This research compendium presents a variety of articles that discuss the problems with housing finance in the U.S. and presents alternative reforms to the current GSE model.

Working Papers

Do We Need the 30-Year Fixed-Rate Mortgage?

Anthony B. Sanders, Michael Lea | Mar 14, 2011
Are the benefits of the 30-year fixed rate mortgage worth the cost? This paper takes a look at this question along with its fate if Fannie Mae and Freddie Mac are no longer around to finance the 30-year fixed rate mortgage.

Five Proposals for a New Housing Finance System in the United States

Dwight M. Jaffee, Lawrence J. White, Peter Wallison, Arnold Kling, Anthony B. Sanders, Michael Lea | Mar 2011
Some commentators suggest that a private market for U.S. mortgages is no longer possible. Others argue that heavily subsidized government programs have crowded out private providers, making actual competition impossible. The five papers presented here look beyond the housing crisis to present various proposals for the long-term reform of government-sponsored enterprises (GSEs) and the U.S. mortgage market.

Testimony & Comments

Oversight of the Federal Housing Administration's Reverse Mortgage Program for Seniors

Anthony B. Sanders | May 09, 2012
A reverse mortgage for seniors is a reasonable idea, but should not be guaranteed by the Federal government. It is an ownership decision and the Federal government must stop trying to micromanage this decision, particularly since there is an easy alternative that does not require government guarantees.

HARP's Uncharted Waters

Anthony B. Sanders | Apr 25, 2012
Let us be wary of creating another Jurassic Park policy change. We are in unchartered waters for housing finance and Federal Reserve policies and any further changes should be enacted with extreme caution.

Choice Neighborhoods Initiative

Anthony B. Sanders | Mar 27, 2012
After billions of dollars have been spent, Hope VI and this bill should focus on a better way to help the poor rather than “a lick of paint” approach public housing. After all, $350 million is a drop in the proverbial bucket…

What the Euro Crisis Means for Taxpayers and the U.S. Economy

Anthony B. Sanders | Dec 15, 2011
Anthony Sanders testified before the U.S. House Committee on Oversight and Government Reform Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs on the role of the U.S. in addressing the European debt crisis.
More Testimony & Comments

Media Clippings

Homeowner Tax Cut to Expire, Forgiven Mortgage Debt Would Become Taxable Income

Anthony B. Sanders | Dec 03, 2012
Outlet: The Chicago Tribune

Fed Spending Helps Spur Housing Recovery in D.C.; Fiscal Cliff Threatens It

Anthony B. Sanders | Oct 23, 2012
Outlet: Watchdog Virginia Bureau

Mortgage Rates Aren’t the Problem ... or the Solution

Anthony B. Sanders | Sep 26, 2012
Outlet: Fox Business

After QE3 It’s Time to Rein in the Federal Reserve

Anthony B. Sanders | Sep 20, 2012
Outlet: U.S. News & World Report
More Media Clippings

Expert Commentary

How to Cement a Real Housing Market Recovery

U.S. News and World Report
By Anthony B. Sanders |
Oct 22, 2012

We are in the fourth year of the slowest economic recovery following a financial crisis since 1882, and we have experienced a catastrophic downturn in housing prices since 2008. The rapid rise in unemployment, combined with declining house prices, resulted in a large increase in mortgage delinquencies and defaults. This left the housing market in a state of shock.

Anthony Sanders Discusses the Federal Reserve Announcement

By Anthony B. Sanders |
Sep 13, 2012

The Fed shocked most with an open-ended purchase program, especially in Fannie and Freddie mortgage-backed securities. It won’t help housing because with tight credit, only wealthier Americans with perfect credit benefit from lower mortgage rates. Additionally, seniors get hurt again with aggressive Fed action because bank deposit rates fell. This action will not help the housing market, it will not help unemployment, but it will create bubbles in asset prices.

More Federal Reserve Action Won't Create Long-Term Economic Growth

U.S. News and World Report
By Anthony B. Sanders |
Aug 01, 2012

It's time for the Fed to forget about introducing more and more economic uncertainty, and focus instead on letting the market stabilize so that Americans can turn their full attention to pulling ourselves out of this mess…

Dodd-Frank Turns Two

By Hester Peirce, J. W. Verret, Anthony B. Sanders, Todd Zywicki, Arnold Kling |
Jul 20, 2012

Two years later, after being praised by politicians as the financial system’s magic bullet, Dodd-Frank is, in effect, riddled with half-baked solutions, corrupted by special interests, and poised to create, not prevent, the next financial crisis.
More Expert Commentary