What are the macroeconomic and distributional effects of government bailout guarantees for Government Sponsored Enterprises (e.g., Fannie Mae)? A model with heterogeneous, infinitely lived households and competitive housing and mortgage markets is constructed to evaluate this question....

a speech before the Independent Community Bankers of America's Annual Convention and Techworld, Honolulu, Hawaii (via satellite)

Presentation to the St. Louis Society of Financial Analysts, St. Louis, Mo., Jan. 13, 2005

Remarks before 40th Annual Conference on Bank Structure & Competition, Fairmont Hotel, Chicago, May 6, 2004

Presentation to the Institute of Governmental Affairs, University of California, Davis, Calif. - Oct. 18, 2001

a speech to the Chartered Financial Analysts of St. Louis, St. Louis, Jan. 17, 2007

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...

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...

No. In this paper we use a regression discontinuity approach to investigate whether affordable housing policies influenced origination or affected prices of subprime mortgages. We use merged loan-level data on non-prime securitized mortgages with individual- and neighborhood-level data for...

Stress testing has recently become a critical risk management and capital planning tool for large financial institutions and their supervisors around the world. However, the one prior U.S. experience tying stress test results to capital requirements was a spectacular failure: the Office of...