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Unconventional monetary policy and risk-taking: Evidence from agency mortgage REITs
Frame, W. Scott; Steiner, Eva - 2018
We study how the Federal Reserve's quantitative easing (QE) influenced the behavior of Agency mortgage real estate investment trusts (REITs) - a set of institutions identified by the Financial Stability Oversight Council as posing systemic risk. We document that Agency mortgage REITs: [i] equity...
Persistent link: https://www.econbiz.de/10012030274
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Agency conflicts in residential mortgage securitization: What does the empirical literature tell us?
Frame, W. Scott - 2017
The agency conflicts inherent in securitization are viewed by many as having been a key contributor to the recent … research for the U.S. home mortgage market suggests that securitization itself may not have been a problem, but rather the … origination and distribution of observably riskier loans. Low-documentation mortgages, for which asymmetric information problems …
Persistent link: https://www.econbiz.de/10011776827
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The devil's in the tail: Residential mortgage finance and the U.S. Treasury
Frame, W. Scott; Wall, Larry D.; White, Lawrence J. - 2012
This paper seeks to contribute to the U.S. housing finance reform conversation by providing a critical assessment of the various types of policy proposals that have been offered. There appears to be a broad consensus to maintain explicit government guarantees for certain narrowly defined...
Persistent link: https://www.econbiz.de/10010292239
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The failure of supervisory stress testing: Fannie Mae, Freddie Mac, and OFHEO
Frame, W. Scott; Gerardi, Kristopher; Willen, Paul S. - 2015
Stress testing has recently become a critical risk management and capital planning tool for large financial institutions and their supervisors around the world. However, the one prior U.S. experience tying stress test results to capital requirements was a spectacular failure: the Office of...
Persistent link: https://www.econbiz.de/10011310201
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The Federal Home Loan Bank System and U.S. housing finance
Frame, W. Scott - 2016
This paper examines the role of the Federal Home Loan Bank (FHLB) System in the U.S. housing finance system. This cooperatively owned government-sponsored enterprise has changed markedly over the past 25 years as a result of membership liberalization and the demise of thrift institutions. Today,...
Persistent link: https://www.econbiz.de/10011776812
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The effects of a declining housing market on the US economy
Papadimitriou, Dimitri B.; Hannsgen, Greg; Zezza, Gennaro - 2007
mortgages and mortgage-related securities, and analyzes possible policy responses. …
Persistent link: https://www.econbiz.de/10010266555
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Academic scholarship in light of the 2008 financial crisis: Textual analysis of NBER Working Papers
Levy, Daniel; Mayer, Tamir; Raviv, Alon - 2020
, focusing on the links between 'Repo-and-Securitization' and the crisis. In contrast, WPs in macroeconomics-related programs …
Persistent link: https://www.econbiz.de/10012387266
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The global financial crisis and the shift to shadow banking
Nersisyan, Yeva; Wray, L. Randall - 2010
While most economists agree that the world is facing the worst economic crisis since the Great Depression, there is little agreement as to what caused it. Some have argued that the financial instability we are witnessing is due to irrational exuberance of market participants, fraud, greed, too...
Persistent link: https://www.econbiz.de/10010281715
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Fussing and Fuming over Fannie and Freddie: How Much Smoke, How Much Fire?
Frame, W. Scott; White, Lawrence J. - 2004
The roles of Fannie Mae and Freddie Mac have become increasingly controversial in the modern world of residential mortgage finance. We describe the special features of these two companies and their roles in the mortgage markets. We then discuss the controversies that surround them and offer...
Persistent link: https://www.econbiz.de/10005846884
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Emerging Competition and Risk-Taking Incentives at Fannie Mae and Freddie Mac
White, Lawrence J.; Frame, W. Scott - Federal Reserve Bank <Atlanta, Ga.> - 2004
This paper examines two major forces that may soon increase competition in the U.S. secondary conforming mortgage market: 1) the expansion of Federal Home Loan Bank mortgage purchase programs, and 2) the adoption of revised risk-based capital requirements for large U.S. banks (Basel II).(...)
Persistent link: https://www.econbiz.de/10005846886