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 …

covered bond market bears a number of similarities to U.S. agency securitization. In this paper we describe the key features … 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 …

attention to the role of recent innovations such as non-prime mortgage securitization and reverse mortgages. The extent of …This chapter considers the structure of mortgage finance in the U.S., and its role in shaping patterns of homeownership … the design features of mortgage contracts that distinguish them from other loans, and that have important implications for …

In this paper, we provide an overview of the subprime mortgage securitization process and the seven key informational … predatory borrowing and predatory lending. We present the key structural features of a typical subprime securitization, document … how rating agencies assign credit ratings to mortgage-backed securities, and outline how these agencies monitor the …

Fixed-rate mortgages (FRMs) dominate the U.S. mortgage market, with important consequences for household risk … management, monetary policy, and systemic risk. In this paper, we show that securitization is a key driver of FRM supply. Our … analysis compares the agency and nonagency mortgage-backed-securities (MBS) markets, exploiting the freeze in nonagency MBS …

We document the emergence of a disconnect between mortgage and Treasury interest rates in the summer of 2003. Following … the end of the Federal Reserve's expansionary cycle in June 2003, mortgage rates failed to rise according to their … historical relationship with Treasury yields, leading to significantly and persistently easier mortgage credit conditions. We …

from renting to owning using an FHA-insured mortgage. In addition to calculating the fraction of these borrowers whose FHA … their homeownership without the need for an FHA mortgage. Another 20 percent are either in their original home or have moved … but continue to use an FHA mortgage. …

is less than their outstanding mortgage balance. Our estimate of this gap suggests that the official homeownership rate …

Mortgage modifications have become an important component of public interventions designed to reduce foreclosures. In … this paper, we examine how the structure of a mortgage modification affects the likelihood of the modified mortgage re …