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Understanding the securitization of subprime mortgage credit
Ashcraft, Adam B.; Schuermann, Til - Federal Reserve Bank of New York - 2008
In this paper, we provide an overview of the subprime mortgage securitization process and the seven key informational frictions that arise. We discuss the ways that market participants work to minimize these frictions and speculate on how this process broke down. We continue with a complete...
Persistent link: https://www.econbiz.de/10005420548
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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
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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
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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 …
Persistent link: https://www.econbiz.de/10010604287
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Regional economy and housing update
Dudley, William - Federal Reserve Bank of New York - 2010
Remarks at the Quarterly Regional Economic Press Briefing, New York City.
Persistent link: https://www.econbiz.de/10010724937
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How goes the recovery? Challenges for the nation, the region and the Fed
Dudley, William - Federal Reserve Bank of New York - 2010
Remarks at Cornell University, Ithaca, New York.
Persistent link: https://www.econbiz.de/10010724954
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How goes the recovery? Challenges for the nation, the region and the Fed
Dudley, William - Federal Reserve Bank of New York - 2010
Remarks at the University of Rochester, Rochester, New York.
Persistent link: https://www.econbiz.de/10010724955
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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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The U.S. economic outlook
Dudley, William - Federal Reserve Bank of New York - 2010
Remarks at the Washington and Lee University H. Parker Willis Lecture in Political Economics, Lexington, Virginia.
Persistent link: https://www.econbiz.de/10010724957