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In a paper published in the Review of Economics and Statistics some 20 years ago (Gabriel and Rosenthal [1989]), we sought to assess the disparate residential location choices of black and white households in the Washington, D.C. metropolitan area. The paper showed that simulated closure of...
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The dramatic government takeover of Fannie Mae and Freddie Mac in September, 2008 was motivated in part by a desire to ensure a continued flow of credit to the mortgage market. This study examines a closely related issue: the extent to which GSE activity crowds out mortgage purchases by private...
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We demonstrate that asymmetric information between sellers (loan originators) and purchasers (investors and securities issuers) of commercial mortgages gives rise to a standard “lemons problem”, whereby portfolio lenders use private information to liquidate lower quality loans in CMBS...
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