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Working Paper
GSEs, mortgage rates, and the long-run effects of mortgage securitization
Sparks, Roger; Passmore, Wayne; Ingpen, Jamie (2001)
Our paper compares mortgage securitization undertaken by government-sponsored enterprises (GSEs) with that undertaken by private markets, with an emphasis on how each type of mortgage securitization affects mortgage rates. We build a model illustrating that market structure, government sponsorship, and the characteristics of the mortgages securitized are all important determinants of mortgage rates. We find that GSEs generally--but not always--lower mortgage rates, particularly when the GSEs behave competitively, because the GSEs' implicit government backing allows them to sell securities ...
Finance and Economics Discussion Series , Paper 2001-26

Working Paper
Regression discontinuity estimates of the effects of the GSE act of 1992
Bhutta, Neil (2009)
In this paper I estimate the effect of the Underserved Areas Goal (UAG) established under the ?GSE Act?, a 1992 law mandating that the housing government-sponsored enterprises Fannie Mae and Freddie Mac help promote credit access and homeownership opportunities for low-income households and in low-income and minority neighborhoods. I identify the goal?s impact by taking advantage of a discontinuity in the census tract eligibility rule. Employing local linear and non-parametric regression discontinuity methods, I find that this goal has had a direct effect on GSE purchasing activity of 3-4% ...
Finance and Economics Discussion Series , Paper 2009-03

Working Paper
Nominal mortgage contracts and the effects of inflation on portfolio allocation
Nichols, Joseph B. (2007)
Households who wish to extract home equity through refinancing their mortgage face a hidden transaction cost. The real value of the fixed nominal mortgage payment declines over time with inflation. The change in the real value of the mortgage payments from taking on a new mortgage is positive and an increasing function of inflation; higher inflation thus discourages households from re-balancing their portfolio as frequently as they would otherwise. The life cycle model developed in this paper demonstrates how the share of total wealth held in housing is sensitive to the rate of inflation, ...
Finance and Economics Discussion Series , Paper 2007-67

Journal Article
Mortgage choice and the pricing of fixed-rate and adjustable-rate mortgages
Krainer, John (2010)
In the United States throughout 2009, the share of adjustable-rate mortgages among total mortgage originations was very low, apparently reflecting the attractive pricing of fixed-rate mortgages relative to ARMs. Government policy could have changed the relative attractiveness of the fixed-rate mortgages and ARMs, thereby shifting the market share of these two housing finance instruments. ; This Economic Letter reviews some of the factors determining consumer mortgage choices. It shows that ARM share has declined in ways that parallel the behavior of several key mortgage market interest rates. ...
FRBSF Economic Letter

Journal Article
Pilot project aims to improve subprime lending supervision
anonymous (2007)
A new program will evaluate and assess the lending practices of some nondepository lenders with large subprime mortgage operations to ensure their compliance with consumer protection regulations.
Financial Update , Volume 20 , Issue 3

Journal Article
Going through the roof?
Johnston, Verle (1973)
FRBSF Economic Letter

Journal Article
1998 Eleventh District HMDA profile
anonymous (2000-01)
Banking and Community Perspectives , Issue January , Pages 1-8

Journal Article
When will the U.S. housing market stabilize?
Murphy, Anthony; Luttrell, David; Duca, John V. (2011)
The hope that housing markets had stabilized in mid-2010 was dashed by subsequent declines in home construction and prices (Charts 1 and 2). Homebuilding peaked about five years ago, and housing prices almost four years ago. Amid such a prolonged downturn, a key question becomes, When will the housing market stabilize and support the economic recovery? We suggest that new home construction may stabilize and start recovering slowly within the next year or so. Our econometric results also indicate that national house prices may hit bottom late this year or in early 2012 and then recover slowly.
Economic Letter , Volume 6

Journal Article
Wisconsin moves forward to address foreclosures: a conference review
Kuehl, Steven (2008-11)
In March 2008, CCA convened ?Wisconsin Moves Forward to Address Foreclosures.? The conference was a continuation of a series of conferences that has focused on the rapid rise of foreclosures in the Federal Reserve?s Seventh District, their effects, and efforts to intercede. Conference participants have learned from experts their leading ideas, best practices and models for addressing the mounting level of foreclosures and their ill effects both in Wisconsin and the broader Midwest. This article briefly summarizes the March conference.
Profitwise , Issue Nov

Working Paper
The role of lenders in the home price boom
Rosen, Richard J. (2008)
This paper examines the relationship between real estate prices during the home price boom from the late 1990s into 2005 and competition among mortgage lenders. The mortgage lending business, especially with the rise of the originate-to-distribute model, had competitors with very different non- mortgage activities and regulation. I show that in local markets, when banks increased their share of mortgages relative to lenders such as mortgage brokers, home prices started increasing at a faster pace. Home prices also affected market shares, but primarily through changes at the national level. ...
Working Paper Series , Paper WP-08-16

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