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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
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Securing the recovery and building for the future
Dudley, William C. - Federal Reserve Bank of New York - 2011
Remarks at United States Military Academy at West Point, West Point, New York.
Persistent link: https://www.econbiz.de/10010724961