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Mortgage Market Note 09-1A: 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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Recourse and Residential Mortgage Default
Theory and Evidence from U.S. States Author: Andra C. Ghent, Zicklin School of Business, Baruch College Marianna Kudlyak, Research Department, Federal Reserve Bank of Richmond We analyze the impact of lender recourse on mortgage defaults theoretically and empirically across U.S. states. We study the...
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Why Don't Lenders Renegotiate More Home Mortgages?
Defaults, Self-curses and Securitization Author: Manuel Adelino, MIT Sloan Paul S. Willen, Federal Reserve Bank of Boston Kristopher Gerardi, Federal Reserve Bank of Atlanta We document the fact that servicers have been reluctant to renegotiate mortgages since the foreclosure crisis started in 2007...
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Estimating the Size of the Conventional Conforming Market for Each Housing Goal in 2009: Final Rule
Author: FHFA Staff Members With this paper the Federal Housing Finance Agency updates Appendix D of the Department of Housing and Urban Development's (HUD's) 2004 rule establishing the Low- and Moderate-Income, Special Affordable and Underserved Areas Housing Goals for 2005 through 2008. Appendix...
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A Brief Examination of Previous House Price Declines
Author: Jesse Weiher, Senior Economist This Federal Housing Finance Agency (FHFA) research paper examines previous house price downturns across Census Divisions, states, and localities in the United States. The paper is part of FHFA’s ongoing effort to enhance public understanding of the nation’s...
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The Impact of Distressed Sales on Repeat-Transactions House Price Indexes
Author: Andrew Leventis, Principal Economist This Federal Housing Finance Agency (FHFA) research paper analyzes the impact of distressed home sales on house price measures, including the FHFA House Price Index. It is part of FHFA’s ongoing effort to enhance public understanding of the nation’s...
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Mortgage Market Note 09-2: Recent Evidence on Housing and Mortgage Market Conditions in California
With about 10 percent of the US housing stock and about 17 percent of its total value, California’s housing market has a large impact on the economy of not only California, but also the nation as a whole. To get an accurate picture of real estate market conditions in the state, it is necessary to...
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Updated Assumptions Used to Estimate Single-Family Mortgages Originated and Outstanding, 1990 – 2008
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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Mortgage Market Note 10-3: Federal Home Loan Bank Capital
The 12 Federal Home Loan Banks (FHLBanks) are privately capitalized, government-sponsored enterprises. Unlike Fannie Mae and Freddie Mac, which are publicly traded and owned, each FHLBank is a cooperative. In keeping with that cooperative business model, all capital stock in an FHLBank is owned by...
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Mortgage Market Note 09-1: 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...