Lea, Michael; Sanders, Anthony B. - In: Annual Review of Financial Economics 3 (2011) 1, pp. 223-234
A central argument in the ongoing discussion about the fates of Fannie Mae and Freddie Mac is the importance of the 30-year, fixed-rate, prepayable mortgage (FRM). The FRM has been held up as the gold standard in mortgage instrument design and as an essential element of the U.S. housing-finance...
