mortgage finance. The authors describe the special features of these two companies and their roles in the mortgage markets and …

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 …

-sponsored enterprises. We construct a model with competitive housing and mortgage markets in which the government provides banks with … insurance against aggregate shocks to mortgage default risk. We use this model to evaluate aggregate and distributional impacts … equilibrium housing investment, higher mortgage default rates, and lower welfare. The welfare effects of this policy vary …

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 … prices. We then show that neither institutional features of the mortgage market nor financial innovations are any more likely …

In a recent set of influential papers, researchers have argued that residential mortgage foreclosures reduce the sale … mortgage distress on house prices. …

done to stop it. We use an economic model to focus on two key decisions: the borrower's choice to default on a mortgage and … illustrate that unaffordable loans, defined as those with high mortgage payments relative to income at origination, are unlikely …