Most mortgages in the United States are securitized through the agency mortgage-backed-securities (MBS) market. These …

Over the past several years, U.S. homebuyers have increasingly favored fixed-rate mortgages over adjustable …-rate mortgages (ARMs). Indeed, ARMs have dropped to less than 10 percent of all residential mortgage originations, a near-record low … different types of mortgages. Supply-side factors, in particular a rise in the share of mortgages eligible to be securitized by …

Fixed-rate mortgages (FRMs) dominate the U.S. mortgage market, with important consequences for household risk … freezes, the share of FRMs is sharply higher among mortgages eligible to be securitized through the still-liquid agency MBS …

underperformance (high mortgage defaults and losses and large rating downgrades) among deals with observably higher risk mortgages …

underperformance (high mortgage defaults and losses and large rating downgrades) among deals with observably higher risk mortgages …