We examine the quantitative impact of the Federal Reserve's mortgage-backed securities (MBS) purchase program. We focus … on how much of the recent decline in mortgage interest rate spreads can be attributed to these purchases. The question is …

governmental mortgage guarantee plans, and greater reliance on private mortgage markets. The analysis also considers the likely … consequences of adopting alternative roles for government in the U.S. housing and mortgage markets. We start by reviewing the … history of the GSEs and their contributions to the operation of U.S. housing and mortgage markets, including the actions that …

In this paperwe examine the household's option to prepay or call a standard fixed-rate mortgage. Results based on … in mortgage contract design on the value of the prepayment option are encouraging. For example, our estimate of the …

economic value of these assets in savings and loan associations' portfolios varies from one form of mortgage to another. For … either of the fixed interest rate contracts, the cash flow from the mortgage is constant as long as it has not been prepaid … mortgage holders resulting from interest rate changes. Our estimate is based on a sample of 4,000 mortgages issued in …

The paper begins with the development of models explaining the mortgage refinancing and assumption decisions of … results for: (1) the impact of a decline in mortgage rates on the asset portfolio yields of mortgage lending institutions and … (2) the effect of the observed rise in interest rate volatility, including the optimal terminations response of mortgage …

This paper measures the impact of nonassumable, fixed-rate, long-term mortgage financing on household mobility and …, fixed-rate mortgage is largely responsible for bath sluggish housing demand in the l967-79 period and its surge in the 1976 … between current mortgage rates and those existing in the19705 and the resultant huge capital gains on existing mortgages does …