originators. The securitizer sets the price at which it will purchase mortgages and the credit score standard that qualifies a …

illustrating that market structure, government sponsorship, and the characteristics of the mortgages securitized are all important … enhancements needed in the private sector. Using our simulation model, we demonstrate that when mortgages eligible for purchase by … the GSEs have characteristics similar to other mortgages, then implicit government backing generates differences in …