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...

We develop new measures to detect income falsification on mortgage applications during the housing bubble. We find that regulators failed to prevent income falsification. Additionally, regulatory requirements imposed on Fannie Mae and Freddie Mac (the “GSEs”) to promote lending in...