Fannie Mae and Freddie Mac are government-sponsored entities (GSEs) designed to facilitate a secondary market for mortgages. A secondary market makes mortgages more liquid, increasing the available pool of funds for mortgages and the willingness of originators to initiate loans. Since the supply...

We document the portfolio activity of federal housing agencies and provide evidence on its impact on mortgage markets and the economy. Through a narrative analysis, we identify historical policy changes leading to expansions or contractions in agency mortgage holdings. Based on those regulatory...

We document the portfolio activity of federal housing agencies and provide evidence on its impact on mortgage markets and the economy. Through a narrative analysis, we identify historical policy changes leading to expansions or contractions in agency mortgage holdings. Based on those regulatory...