We document the emergence of a disconnect between mortgage and Treasury interest rates in the summer of 2003. Following … the end of the Federal Reserve expansionary cycle in June 2003, mortgage rates failed to rise according to their … historical relationship with Treasury yields, leading to significantly and persistently easier mortgage credit conditions. We …

We document the emergence of a disconnect between mortgage and Treasury interest rates in the summer of 2003. Following … the end of the Federal Reserve expansionary cycle in June 2003, mortgage rates failed to rise according to their … historical relationship with Treasury yields, leading to significantly and persistently easier mortgage credit conditions. We …

Fixed-rate mortgages (FRMs) dominate the U.S. mortgage market, with important consequences for monetary policy … mortgages are difficult to securitize. Our analysis exploits plausibly exogenous variation in access to liquid securitization … markets generated by a regulatory cutoff and time variation in private securitization activity. We interpret our findings as …

’ securitization of mortgages. Banks with longer-maturity liabilities are more capable of taking the interest rate risk and therefore … jumbo mortgages, which can not be securitized through Fannie Mae and Freddie Mac. Moreover, household mortgage refinancing …

covered bond market bears a number of similarities to U.S. agency securitization. In this paper we describe the key features … of the Danish mortgage finance system and compare and contrast it to the U.S. system. We also note characteristics of the … Danish model that may be of interest as the United States considers further mortgage finance reform. In particular, the …