We document the portfolio activity of federal housing agencies and provide evidence on its impact on mortgage markets … in agency mortgage holdings. Based on those regulatory events that we classify as unrelated to short-run cyclical or … credit market shocks, we find that an increase in mortgage purchases by the agencies boosts mortgage lending, in particular …

constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical … fall in mortgage rates. These facts are difficult to reconcile with the popular view that attributes the housing boom to …

lending constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical …, and the fall in mortgage rates. These facts are difficult to reconcile with the popular view that attributes the housing …

constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical … fall in mortgage rates. These facts are difficult to reconcile with the popular view that attributes the housing boom to …

constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical … fall in mortgage rates. These facts are difficult to reconcile with the popular view that attributes the housing boom to …