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Mortgage Market Note 07-2: Historical Trends in the Conforming Loan Limit
The Emergency Home Finance Act of 1970 chartered Freddie Mac to provide a secondary mortgage market for thrifts and other originators of conventional mortgages. The Act also allowed Fannie Mae to purchase conventional loans and established a conforming loan limit for both Enterprises of $33,000. The...
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Working Paper 07-5: Zero Down Payment Mortgage Default
Previous research has focused on equity as a prime determinant of mortgage default propensities. This paper extends the analysis of mortgage default to include mortgages that require no down payment from the purchaser.
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Mortgage Market Note 07-1: Portfolio Caps and Conforming Loan Limits
There has been confusing commentary on Fannie Mae’s and Freddie Mac’s role in the secondary mortgage market and how they might contribute to easing the current disruptions. As the regulator of these companies, one role of the Office of Federal Housing Enterprise Oversight (OFHEO) is to enhance...
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A Note on the Differences between the OFHEO and S&P/Case-Shiller House Price Indexes
Author: Andrew Leventis, Principal Economist This OFHEO Research Paper explains the differences between the OFHEO and S&P/Case-Shiller House Price Indexes.
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Working Paper 07-4: Signals from the Markets for Fannie Mae and Freddie Mac Subordinated Debt
While considerable research exists with respect to the subordinated debt of large banks, little research has been undertaken with respect to Fannie Mae and Freddie Mac. Due to their special status, terms of sub debt and other differences, market signals related to Enterprise sub debt may not be as...
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Working Paper 07-3: Subordinated Debt Issuance by Fannie Mae and Freddie Mac
This paper examines the contribution of the current sub debt programs of Fannie Mae and Freddie Mac to market discipline of the Enterprises. The paper also examines the potential for alternative forms of sub debt to enhance market discipline of the Enterprises. Previous research on market discipline...
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Mortgage Markets and the Enterprises in 2006
Author: Valerie L. Smith, Senior Policy Analyst Forrest Pafenberg, Senior Policy Analyst Laura Goren, Research Assistant This Office of Federal Housing Enterprise Oversight (OFHEO) research paper reviews developments in the housing sector, activity in the primary and secondary mortgage markets, and...
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Working Paper 07-2: Home Improvements and Appreciation Rates Reflected in the OFHEO House Price Index
The repeat-transactions model that is used in the construction of OFHEO’s house price index (HPI) does not perfectly control for changes in the average condition of the housing stock. If the value of home improvements is not exactly offset by the effects of home depreciation, the HPI could reflect...
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Working Paper 07-1: Securitized Jumbo Mortgages, 1986 - 2005
This paper provides a historical review of the characteristics of jumbo mortgages financed through securitization. The research uses loan-level data on a large proportion of all jumbo mortgages originated from 1986 through 2005 and later securitized. That sample permits detailed analysis of...
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Mortgage Markets and the Enterprises in 2005
Author: Valerie L. Smith, Senior Policy Analyst Forrest Pafenberg, Senior Policy Analyst Laura Goren, Research Assistant This Office of Federal Housing Enterprise Oversight (OFHEO) research paper reviews developments in the housing sector, activity in the primary and secondary mortgage markets, and...