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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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Information needs and efficiency in banking services. A 'demand-side' approach
Caratelli, Massimo - Volkswirtschaftliche Fakultät, … - 2008
The financial system has always been subject to complex public scrutiny for a number of reasons, aimed at ensuring, for example, the efficient mobilization of savings, the effective management of banking crises and their possible domino effects, while enhancing competition and safeguarding...
Persistent link: https://www.econbiz.de/10009652917
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Transparency between banks and their customers. information needs and public intervention
Caratelli, Massimo - Volkswirtschaftliche Fakultät, … - 2005
Factors such as the spread of complex financial instruments, the broadening of available alternatives, have fostered more decisive public intervention in support of transparency between banks and their customers. The effectiveness of the public intervention measures depends on the actual...
Persistent link: https://www.econbiz.de/10009652925
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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
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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