We explore the capital structure and governance of a mortgage-insuring securitization utility operating with government … for appropriate pricing and transfer of mortgage risks across the private sector and between the private sector and the … mortgage guarantee fee, whose size we find is most sensitive to the required capital ratio and the expected return on that …

the CRT programs have been successful in reducing the exposure of the federal government to mortgage credit risk without … disrupting the liquidity or stability of mortgage secondary markets. In the process, the programs have created a new financial … market for pricing and trading mortgage credit risk, which has grown in size and liquidity over time. The CRT programs …

Agency mortgage backed securities (MBS) with diverse characteristics are traded in parallel with individualized … this unique parallel trading environment significantly affects MBS returns: (1) Greater heterogeneity in MBS values … increases the yields of all MBS, because it exacerbates the cheapest-to-deliver concerns for TBA buyers and reduces the value of …

Agency mortgage-backed securities (MBS) issued by Fannie Mae and Freddie Mac have historically traded in separate … Fannie Mae MBS, leading to higher issuance and trading volume, lower transaction costs, higher security prices, and a lower … - which consolidated Fannie Mae and Freddie Mac MBS trading into a single market in June 2019. We find that consolidation …

We study how intermediaries-mortgage servicers-shaped the implementation of mortgage forbearance during the COVID-19 … increased mortgage nonpayment but also reduced delinquencies outside of forbearance. Part of the liquidity from forbearance was …

of the Danish mortgage finance system and compare and contrast it to the U.S. system. We also note characteristics of the … Danish model that may be of interest as the United States considers further mortgage finance reform. In particular, the … borrowers the option to repurchase their mortgage at the market price, mitigating "lock-in" effects. Danish mortgage …

evidence that CFPB oversight significantly reduces the overall volume of mortgage lending. However, we find some evidence of …