We explore the capital structure and governance of a mortgage-insuring securitization utility operating with government reinsurance for systemic or “tail” risk. The structure we propose for the replacement of the GSEs focuses on aligning incentives for appropriate pricing and transfer of...

Mortgage-backed securities in the United States are generally traded on a "to-be-announced," or TBA, basis. The key feature of a TBA trade is that the identity of the securities to be delivered to the buyer is not specified exactly at the time of the trade, facilitating a liquid forward market....

The DOJ’s complaint against AT&T evinces an analysis based upon structural inferences rather than rigorous economic analysis of a dynamic, high-tech market. Geoffrey Manne (Int'l Center for Law & Economics) & Joshua Wright (George Mason Univ.).

This paper analyzes the relationship between changes in borrowers' monthly mortgage payments and future credit performance. This relationship is important for the design of an internal refinance program such as the Home Affordable Refinance Program (HARP). We use a competing risk model to...

Corporate executives will not be deterred as long as consumers and shareholders bear the brunt of antitrust penalties. Douglas Ginsburg (U.S. Court of Appeals) & Joshua Wright (George Mason Univ.)

The authors show why the mix of sanctions they advocated in 2010 is still relevant today. Douglas Ginsburg (U.S. Court of Appeals, DC Circuit; NYU School of Law) & Joshua Wright (George Mason University School of Law).

Corporate executives will not be deterred as long as consumers and shareholders bear the brunt of antitrust penalties. Douglas Ginsburg (U.S. Court of Appeals) & Joshua Wright (George Mason Univ.)

We describe a set of six design principles for the reorganization of the U.S. housing finance system and apply them to one model for replacing Fannie Mae and Freddie Mac that has so far received frequent mention but little sustained analysis – the lender cooperative utility. We discuss the...