The topic of Government Sponsored Enterprise (GSE) privatization is at least two decades old. In the early 1980s, HUD studied the feasibility of privatizing Fannie Mae and Freddie Mac. In 1986, Freddie Mac's Advisory Committee (the pre-cursor to its Board of Directors) discussed the subject. In...

Despite its recognized economic and social importance, housing finance often remains underdeveloped in emerging economies. Residential lending remains small, poorly accessible, and depository-based. Lenders remain vulnerable to significant credit, liquidity, and interest rate risks. As a result,...

The Narodowy Bank Polski organized during November 14-15, 2013 an international workshop to discuss current issues in the field of real estate analysis from the central bank’s point of view. The development of residential real estate prices as well as commercial real estate prices and real...

The purpose of paper is to review the policy responses to the US mortgage market crisis and assess how much the market has changed. There were many contributors to the meltdown of the US mortgage market. As summarized by the Financial Crisis Inquiry Commission, the major causes of the crisis...

The Narodowy Bank Polski organized during November 14-15, 2013 an international workshop to discuss current issues in the field of real estate analysis from the central bank's point of view. The development of residential real estate prices as well as commercial real estate prices and real...

The purpose of this paper is to develop a model of the asset disposition decision for the Resolution Trust Corporation (RTC). In this paper, we focus on the primary goal of the RTC-to maximize the net present value of the cash flows generated through holding and selling the assets it acquires. A...

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...

The main purpose of this paper has been to present an alternative approach to estimating individual demand for a local public good; in this case, education. Most empirical studies of the private demand for public goods utilize the median voter framework for preference aggregation to justify the...