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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

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

Housing busts and household mobility: an update

Ferreira, Fernando; Gyourko, Joseph; Tracy, Joseph - Federal Reserve Bank of New York - 2011

This paper provides updated estimates of the impact of three financial frictions—negative equity, mortgage lock-in, and property tax lock-in—on household mobility. We add the 2009 wave of the American Housing Survey (AHS) to our sample and also create an improved measure of permanent moves...

Persistent link: https://www.econbiz.de/10009366986

Payment changes and default risk: theimpact of refinancing on expected credit losses

Tracy, Joseph; Wright, Joshua - Federal Reserve Bank of New York - 2012

' monthly mortgage payments for a large sample of prime adjustable-rate mortgages. Applying a 26 percent average monthly payment … conforming adjustable-rate mortgages with loan-to-value ratios above 80 percent declines by 3.8 percentage points. If we assume … per dollar of balance for mortgages that refinance under HARP. …

Persistent link: https://www.econbiz.de/10010552107

The homeownership gap

Haughwout, Andrew; Peach, Richard; Tracy, Joseph - Federal Reserve Bank of New York - 2009

After rising for a decade, the U.S. homeownership rate peaked at 69 percent in the third quarter of 2006. Over the next two and a half years, as home prices fell in many parts of the country and the unemployment rate rose sharply, the homeownership rate declined by 1.7 percentage points. An...

Persistent link: https://www.econbiz.de/10008636198

Housing busts and household mobility

Ferreira, Fernando; Gyourko, Joseph; Tracy, Joseph - Federal Reserve Bank of New York - 2008

Using two decades of American Housing Survey data from 1985 to 2005, we estimate the influence of negative home equity and rising mortgage interest rates on household mobility. We find that both factors lead to lower, not higher, mobility rates over time. The effects are economically large --...

Persistent link: https://www.econbiz.de/10005420603

A new look at second liens

Lee, Donghoon; Mayer, Christopher; Tracy, Joseph - Federal Reserve Bank of New York - 2012

We use data from credit reports and deed records to better understand the extent to which second liens contributed to the housing crisis by allowing buyers to purchase homes with small down-payments. At the top of the housing market, second liens were quite prevalent: As many as 45 percent of...

Persistent link: https://www.econbiz.de/10010570543

A private lender cooperative model for residential mortgage finance

Dechario, Toni; Mosser, Patricia; Tracy, Joseph; … - Federal Reserve Bank of New York - 2010

We describe a set of six design principles for the reorganization of the U.S. housing finance system and apply them to …

Persistent link: https://www.econbiz.de/10008461966