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Securitization and the fixed-rate mortgage
Fuster, Andreas; Vickery, James - Federal Reserve Bank of New York - 2013
Fixed-rate mortgages (FRMs) dominate the U.S. mortgage market, with important consequences for household risk … freezes, the share of FRMs is sharply higher among mortgages eligible to be securitized through the still-liquid agency MBS … rate risk embedded in these loans. We highlight policy implications for ongoing reform of the U.S. mortgage finance system. …
Persistent link: https://www.econbiz.de/10010604287
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Opening remarks at The Spread between Primary and Secondary Mortgage Rates: Recent Trends and Prospects Workshop
Dudley, William C. - Federal Reserve Bank of New York - 2012
Remarks at The Spread between Primary and Secondary Mortgage Rates: Recent Trends and Prospects Workshop, New York City.
Persistent link: https://www.econbiz.de/10010724956
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Testimony on housing finance reform: essential elements of a government guarantee for mortgage-backed securities
Tracy, Joseph S. - Federal Reserve Bank of New York - 2013
Testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs, Washington, D.C.
Persistent link: https://www.econbiz.de/10010725003
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MBS ratings and the mortgage credit boom
Ashcraft, Adam; Goldsmith-Pinkham, Paul; Vickery, James - Federal Reserve Bank of New York - 2010
underperformance (high mortgage defaults and losses and large rating downgrades) among deals with observably higher risk mortgages …
Persistent link: https://www.econbiz.de/10008493882
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The capital structure and governance of a mortgage securitization utility
Mosser, Patricia C.; Tracy, Joseph; Wright, Joshua - Federal Reserve Bank of New York - 2013
We explore the capital structure and governance of a mortgage-insuring securitization utility operating with government reinsurance for systemic or “tail” risk. The structure we propose for the replacement of the GSEs focuses on aligning incentives for appropriate pricing and transfer of...
Persistent link: https://www.econbiz.de/10011027203
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TBA trading and liquidity in the agency MBS market
Vickery, James; Wright, Joshua - Federal Reserve Bank of New York - 2010
Most mortgages in the United States are securitized through the agency mortgage-backed-securities (MBS) market. These … liquidity, leading to lower borrowing costs for households. Evaluation of potential reforms to the U.S. housing finance system …
Persistent link: https://www.econbiz.de/10008643781
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Gifts, down payments, and housing affordability
Mayer, Christopher J.; Engelhardt, Gary V. - Federal Reserve Bank of Boston - 1994
Recent evidence shows that homeownership rates among young households have declined substantially since the mid 1980s. Although factors such as late household formation and the increasing user cost of housing are contributing factors, reduced affordability is also a concern. Aggregate data...
Persistent link: https://www.econbiz.de/10005379734
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Can studies of application denials and mortgage defaults uncover taste-based discrimination?
Tootell, Geoffrey M. B. - Federal Reserve Bank of Boston - 1996
Several articles in the popular press have asserted that a simple comparison of average mortgage default rates for white and minority applicants is necessary and sufficient to uncover discrimination in mortgage lending. The fallacy of this assertion has been examined in Peterson (1981), Tootell...
Persistent link: https://www.econbiz.de/10005379797
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Mortgage lending in Boston: interpreting HMDA data
Munnell, Alicia H. - Federal Reserve Bank of Boston - 1992
The results of this study indicate that minority applicants, on average, do have greater debt burdens, higher loan-to-value ratios, and weaker credit histories and they are less likely to buy single-family homes than white applicants, and that these disadvantages do account for a large portion...
Persistent link: https://www.econbiz.de/10005379802
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Real estate investors, the leverage cycle, and the housing market crisis
Haughwout, Andrew; Lee, Donghoon; Tracy, Joseph; … - Federal Reserve Bank of New York - 2011
We explore a mostly undocumented but important dimension of the housing market crisis: the role played by real estate investors. Using unique credit-report data, we document large increases in the share of purchases, and subsequently delinquencies, by real estate investors. In states that...
Persistent link: https://www.econbiz.de/10009320710