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Research
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Mortgage Markets and the Enterprises in 2004
Author: Valerie L. Smith, Forrest Pafenberg, Chris Broderick This Office of Federal Housing Enterprise Oversight (OFHEO) research paper reviews developments in the housing sector and the primary mortgage market, the secondary market activity of Fannie Mae and Freddie Mac, and the financial...
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Single-Family Mortgages Originated and Outstanding: 1990 – 2004
Author: Forrest Pafenberg, Senior Policy Analyst This OFHEO Research Paper presents statistics for single-family mortgages originated and outstanding by loan type for calendar years 1990 through 2004. Statistics are provided for conventional and government-insured or -guaranteed loans and, within...
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Updated Assumptions Used to Estimate Single-Family Mortgages Originated and Outstanding, 1990 – 2008 Q3
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 Markets and the Enterprises in 2003
Author: Valerie L. Smith, Senior Policy Analyst This Office of Federal Housing Enterprise Oversight (OFHEO) research paper reviews developments in the housing sector and the primary mortgage market, the secondary market activity of Fannie Mae and Freddie Mac, and the financial performance of the...
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Working Paper 04-2: Measurement of the Bid-Ask Spread in Equity Option Markets
This paper develops a joint model of exchange entry and the bid-ask spread in equity option markets. To our knowledge, no other study of spreads in financial markets has incorporated the exchange decision about whether or not to list a security. This allows us to control for the potential...
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Working Paper 04-1: The Value of Foreclosed Property – House Prices, Foreclosure Laws, and Appraisals
This paper estimates the discount at which foreclosed properties sell relative to the market price or average price as reflected in housing indices such as the repeat sales 3 housing price indices. Repeat sales indices focus on the average growth of prices holding quality constant. In addition...
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The Single-Family Mortgage Industry in the Internet Era: Technology Developments and Market Structure
Author: Forrest Pafenberg, Senior Policy Analyst This OFHEO Research Paper examines how changes in technology have affected the structure and business practices of firms in the single-family mortgage industry in the last two decades and how lenders, Fannie Mae and Freddie Mac, and other firms are...
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Working Paper 03-5: A Discrete Choice Approach to Measuring Competition in Equity Option Markets
This paper examines the relationship between exchange entry and competition in equity option markets. Exchanges compete in thousands of distinct markets, and the entry pattern in each market gives valuable information about profitability. By using a strategic framework, it is assumed that exchanges...
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Working Paper 03-6: Earnings Management During Distinct Periods of Capital Demand – Evidence from Japanese Banks
This paper investigates Japanese banks’ lending and earnings management behavior during three distinct periods of capital demand: (1) high-growth era (1985-1989); (2) financial distress period (1990-1994); and (3) banking crisis period (1995-1999).
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Working Paper 03-4: Market Discipline of Fannie Mae and Freddie Mac: How To Share Prices and Debt Yield Spreads Respond to New Information?
There has been little empirical research assessing market discipline of Fannie Mae and Freddie Mac. A first step is to investigate how Enterprise share prices and debt yields respond to new information. This paper does so by examining the share prices of Fannie Mae and Freddie Mac and the spreads...