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Market Estimates for the 2010 and 2011 Enterprise Single-Family Housing Goals: Final Rule
Author: Jay Schultz In establishing benchmarks for the 2010 and 2011 single-family mortgage housing goals for Fannie Mae and Freddie Mac (the Enterprises), the Federal Housing Finance Agency (FHFA) is required to measure the size of the mortgage market. This paper documents the methodology used to...
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Updated Assumptions Used to Estimate Single-Family Mortgages Originated and Outstanding, 1990 – 2009
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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Revisions to FHFA’s House Price Index in the Recent National House Price Boom and Bust
Author: Jesse Weiher, Senior Economist This Federal Housing Finance Agency (FHFA) research paper examines the history of House Price Index (HPI) revisions over the recent national boom-bust cycle in house prices. The paper is part of FHFA’s ongoing effort to enhance public understanding of the...
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Mortgage Market Note 10-2: The Housing Goals of Fannie Mae and Freddie Mac
One of the purposes of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (the Safety and Soundness Act) was to address concerns about the affordable housing activities of Fannie Mae and Freddie Mac (the Enterprises). The Enterprises had historically lagged other sectors of...
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Mortgage Market Note 10-1: U.S. Treasury Support for Fannie Mae and Freddie Mac
The Housing and Economic Recovery Act of 2008 (HERA) authorized the Secretary of the Treasury to support Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (FHLBs) by purchasing obligations and other securities from those government-sponsored enterprises (collectively, the housing GSEs). HERA...
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Housing and Mortgage Markets and the Housing Government-Sponsored Enterprises in 2008
Author: Andrew Leventis, Principal Economist Forrest Pafenberg, Senior Policy Analyst Valerie L. Smith, Senior Policy Analyst This Federal Housing Finance Agency (FHFA) research paper reviews developments in the housing sector and mortgage markets and the activities of Fannie Mae, Freddie Mac...
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Securitization and Mortgage Default
Reputation vs. Adverse Selection Author: Ronel Elul, Federal Reserve Bank of Philadelphia The academic literature, the popular press, and policymakers have all debated the securitization’s contribution to the poor performance of mortgages originated in the run-up to the current crisis. Theoretical...
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Liar’s Loan?
Effects of Origination Channel and Information Falsification on Mortgage Delinquency Author: Wei Jiang, Columbia Business School Ashlyn Aiko Nelson, Indiana University Edward Vytlacil, Yale University This paper presents a comprehensive predictive model of mortgage delinquency using a unique...
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Taking the Lie Out of Liar Loans
Author: Michael LaCour-Little, California State University Jing Yang, California State University Abstract: We examine stated income loans originated by Bear Stearns affiliates during the recent housing market run-up and market collapse. After showing the extent to which these loans have higher...
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Mortgage Market Note 09-4: State of the Private Mortgage Insurance Industry
Like other debt instruments, residential mortgages involve credit risk. That risk arises from uncertainty over whether the borrower will perform as required by the mortgage document. Mortgage insurance provides protection against the losses created by mortgage defaults. Most mortgage insurance...