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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...
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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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Working Paper 10-2: Automatic Recapitalization Alternatives
Regulators are seeking ways to reduce the procyclical effect of the current capital regulatory regime and the spillovers associated with financial firm distress. This paper examines one set of proposed solutions: ex post mechanisms that would automatically recapitalize systemically important...
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Working Paper 10-1: Estimating Median House Prices
Nondisclosure laws and other factors have hindered the production and release of median home price in many areas across the country. This paper attempts to fill the gaps and develops a simple approach to estimating median prices for a geographically complete set of areas.
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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...