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Review of Options Available for Underwater Borrowers and Principal Forgiveness
In considering the use of principal forgiveness by Fannie Mae and Freddie Mac (the Enterprises), it is important to place this particular loss mitigation tool in the context of: the Enterprises’ overall loss mitigation efforts; costs and benefits of using principal forgiveness, including the...
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Appendix to FHFA Review of Options
In January 2012, FHFA released the analyses the agency had conducted since December 2010 on the feasibility and benefit of principal forgiveness as a loan modification tool. This paper presents the agency’s most recent work, which considers subsidy payments2 the Department of the Treasury would...
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Updated Assumptions Used to Estimate Single-Family Mortgages Originated and Outstanding, 1990 – 2011 Q2
Author: Forrest Pafenberg, Senior Policy Analyst Except where noted, all assumptions used to generate estimates of single-family mortgages originated and outstanding are as described in the paper, Single-Family Mortgages Originated and Outstanding: 1990 – 2004.
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Discussion Paper: Alternative Mortgage Servicing Compensation
The purpose of this Discussion Paper is to propose and seek comments on two new mortgage servicing compensation structures. On January 18, 2011, FHFA announced a Joint Initiative to consider alternatives for a new mortgage servicing compensation structure. FHFA directed Fannie Mae and Freddie Mac...
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Housing and Mortgage Markets in 2010
The paper was prepared by Andrew Leventis, Valerie Smith, Jesse Weiher, and Ken Lam of the Office of Policy Development and Research under the supervision of Austin Kelly and Robert S. Seiler, Jr. Peter Alex, Joshua Foster, Hanna Nguyen, and Alison Wardle provided research assistance. This Federal...
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Mortgage Market Note 11-02: Qualified Residential Mortgages
Revised 4/11/2011 [1] Introduction One important purpose of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) is to reform the securitization of financial assets in the U.S. [2] To that end, the legislation requires the federal banking agencies, the Securities and Exchange...
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Mortgage Market Note 11-01: Possible Declines in Conforming Loan Limits
* Revised May 26, 2011. The revision corrects text on page 5 of the original release. A footnote has been inserted in this version where the correction has been made. Conforming loan limits constrain the size of mortgages that Fannie Mae and Freddie Mac (the “Enterprises”) can purchase and...
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An Approach for Calculating Reliable State and National House Price Statistics
Author: Andrew Leventis, Principal Economist This Federal Housing Finance Agency (FHFA) research paper describes a technique for producing state and national median and average home price statistics that incorporate less noise than traditional metrics. The approach reflects a candidate methodology...
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Market Estimation Model for the 2010 and 2011 Enterprise Single-Family Housing Goals
Author: Jay Schultz, Senior Economist This Federal Housing Finance Agency (FHFA) research paper discusses the forecast models used in establishing housing goal benchmarks for 2010 and 2011. The paper is part of FHFA’s ongoing effort to enhance public understanding of the nation’s housing finance...
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Data on the Risk Characteristics and Performance of Single-Family Mortgages 2001-2008
There has been considerable public discussion of the roles Fannie Mae and Freddie Mac (the Enterprises) may have played in the financial crisis that began in the third quarter of 2007. This Federal Housing Finance Agency (FHFA) data release contributes to that discussion by summarizing information...