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Banking on Buffers: Balance Sheet Responses to Household Demand, Macroeconomic Conditions, and Monetary Policy
Since the 2008 global financial crisis, the economic and regulatory environments have undergone profound changes. Banks [1] encountered major shifts to household savings behavior and now face stricter capital and liquidity requirements. This blog explores three stylized facts examined in a recent...
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Securitization of Manufactured Housing Loans in Enterprise Portfolios
This blog highlights the unique patterns of securitization of manufactured housing loans within securities issued by Fannie Mae and Freddie Mac. Lenders and investors often favor these loans in “specified pools.” Here we explain the nature and role of specified pools and the characteristics of...
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2024Q2 UAD Aggregate Statistics: Median Appraised Value for Enterprise Single-Family and Condominium Appraisals Rose over the Past Year and Quarter
The median appraised value for both purchase and refinance Enterprise single-family and condominium appraisals increased between the second quarters of 2023 and 2024 and the first and second quarters of 2024. The Federal Housing Finance Agency (FHFA) published the 2024Q2 update of the Uniform...
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Futureproofing the Federal Home Loan Bank System
By: Joshua Stallings Families across the country are facing a significant housing affordability and supply crisis. From coast to coast, millions of Americans struggle to find affordable, safe, and decent housing, a challenge that has only intensified in recent years. This is an urgent problem that...
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FHFA Mortgage Loan and Natural Disaster Dashboard Blog: A Case Study of Hurricane Beryl
This week, FHFA released the Mortgage Loan and Natural Disaster Dashboard that enables users to assess the impact of natural disaster risk on vulnerable communities as well as the distribution of physical hazard risk for 2022 loan acquisitions by FHFA’s regulated entities. Data This dashboard...
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The Geography of the Lock-In Effect: Which MSAs are Most Locked-In?
Interest rates hit historic lows in 2020-2021 and prompted substantial refinancing of mortgage loans before rates surged back up in 2022. Many mortgage borrowers now have fixed-rate loans significantly below current market interest rates, creating a strong disincentive to sell. This phenomenon...
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Land Price Appreciation During the COVID-19 Pandemic
Introduction Land values are highly correlated with mortgage collateral risks and underlying location desirability; hence, these data are in high demand by researchers and policymakers. As a means with which to determine the replacement value of a structure, they are also important for estimating...
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Counting Comps: Exploring the Number of Comparable Properties in Home Appraisals
More than two-thirds of home appraisals associated with Enterprise-backed mortgages during the 2013-2021 period included five or more comparable properties, even though the Enterprises only require three comparables. However, the share of appraisals with five or more comparable properties decreased...
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Recent Changes in Mortgage-Related Housing Consumption Costs: Evidence from the National Mortgage Database
Measuring housing consumption cost is challenging because homeowners (about two thirds of U.S. households) do not face an explicit price for housing in their consumption bundle. [1] To measure housing consumption cost, the Consumer Price Index (CPI) calculates Owners’ Equivalent Rent (OER) using...
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FHFA Announces New Multifamily Tenant Protections as Part of Commitment to Advance Resident-Centered Practices at Enterprise-Backed Properties
The Federal Housing Finance Agency (FHFA) is announcing three new tenant protections, establishing the first tenant protection policy applicable to all multifamily properties financed with mortgages backed by Fannie Mae and Freddie Mac (the Enterprises). Under the new policy, which will be effective...