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The federal home loan bank system: The lender of next-to-last resort?
Ashcraft, Adam; Bech, Morten L.; Frame, W. Scott - 2009
The Federal Home Loan Bank (FHLB) System is a large, complex, and understudied government-sponsored liquidity facility … provides evidence about the uses of these funds by their bank and thrift members. We then identify the trade-offs faced by FHLB …
Persistent link: https://www.econbiz.de/10010292250
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Why did so many people make so many ex post bad decisions? The causes of the foreclosure crisis
Foote, Christopher L.; Gerardi, Kristopher S.; Willen, … - 2012
We present 12 facts about the mortgage crisis. We argue that the facts refute the popular story that the crisis resulted from finance industry insiders deceiving uninformed mortgage borrowers and investors. Instead, we argue that borrowers and investors made decisions that were rational and...
Persistent link: https://www.econbiz.de/10010292274
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Why don’t lenders renegotiate more home mortgages? The effect of securitization
Adelino, Manuel; Gerardi, Kristopher; Willen, Paul - 2010
Securitization does not explain the reluctance among lenders to renegotiate home mortgages. We focus on seriously delinquent borrowers from 2005 through the third quarter of 2008 and show that servicers renegotiate similarly small fractions of securitized and portfolio loans. The results are...
Persistent link: https://www.econbiz.de/10010292339
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Real estate markets and bank distress
Koetter, Michael; Poghosyan, Tigran - 2008
We investigate the relationship between real estate markets and bank distress among German universal and specialized … bank distress (PDs). But higher prices at given rents may also indicate excessive expectations regarding the present value … real estate exposures amplify this effect. Rising real estate price levels alone reduce bank PDs, but only for banks with …
Persistent link: https://www.econbiz.de/10010298763
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Las instituciones del financiamiento de la vivienda en Argentina
Cristini, Marcela; Moya, Ramiro - 2004
En este trabajo se analiza el caso de la profundización del crédito hipotecario en Argentina durante los años 90 y se lo compara con el fracaso de los años 80. Se muestra que la estabilidad macroeconómica condiciona el desarrollo del mercado y que con las instituciones legales y de mercado...
Persistent link: https://www.econbiz.de/10010327112
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Los efectos del sector público en el financiamiento de la vivienda: El mercado hipotecario de Uruguay
Gandelman, Eduardo; Gandelman, Nestor - 2004
El presente trabajo estudia el mercado hipotecario de viviendas en Uruguay. El principal operador del mercado es el Banco Hipotecario del Uruguay (BHU), una institución estatal que concentra más de 80% del total de los créditos. Esta institución se ha visto en dificultades financieras, lo...
Persistent link: https://www.econbiz.de/10010327113
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Housing finance and monetary policy
Calza, Alessandro; Stracca, Livio; Monacelli, Tommaso - 2009
We study how the structure of housing finance affects the transmission of monetary policy shocks. We document three main facts: first, the features of residential mortgage markets differ markedly across industrialized countries; second, and ac- cording to a wide range of indicators, the...
Persistent link: https://www.econbiz.de/10011605115
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Resolving large financial intermediaries: banks versus housing enterprises
Eisenbeis, Robert A.; Frame, W. Scott; Wall, Larry D. - 2004
or Freddie Mac. The authors compare and contrast these issues with those raised in the context of large bank failures and … of policy suggestions designed to minimize the cost of resolution and protect taxpayers from loss should a large bank or …
Persistent link: https://www.econbiz.de/10010397615
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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. The authors describe the special features of these two companies and their roles in the mortgage markets and then discuss the controversies that surround the...
Persistent link: https://www.econbiz.de/10010397657
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An analysis of the systemic risks posed by Fannie Mae and Freddie Mac and an evaluation of the policy options for reducing those risks
Eisenbeis, Robert A.; Frame, W. Scott; Wall, Larry D. - 2006
Fannie Mae and Freddie Mac are government-sponsored enterprises that are central players in U.S. secondary mortgage markets. Over the past decade, these institutions have amassed enormous mortgage- and non-mortgage-oriented investment portfolios that pose significant interest-rate risks to the...
Persistent link: https://www.econbiz.de/10010397666