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. …

underperformance (high mortgage defaults and losses and large rating downgrades) among deals with observably higher risk mortgages …

This paper discusses how financial innovation turned U.S. mortgages into an asset class with worldwide investor appeal …

Federal has successfully led a range of direct policy measures that have stimulated the development of the housing finance … market. The government improved the legal environment for mortgage finance by passing reforms that reduced the average time …