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Conference Paper
GSEs: why is effective government supervision hard to achieve?
Stanton, Thomas H.
(2001)
Proceedings
, Paper 704
Speech
Some observations about policy lessons from the crisis
Plosser, Charles I.
(2009-12-04)
Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia, The Philadelphia Fed Policy Forum: Policy Lessons from the Economic and Financial Crisis, December 4, 2009
Speech
, Paper 32
Working Paper
Federal Home Loan Bank advances and commercial bank portfolio composition
Passmore, Wayne; Hancock, Diana; Frame, W. Scott
(2007)
The primary mission of the 12 cooperatively owned Federal Home Loan Banks (FHLBs) is to provide their members financial products and services to assist and enhance member housing finance. In this paper, we consider the role of the FHLBs' traditional product--"advances," or collateralized loans to members--in stabilizing commercial bank members' residential mortgage lending activities. ; Our theoretical model shows that using membership criteria (such as a minimum of 10 percent of the portfolio being in mortgage-related assets) or using mortgage-related assets as collateral does not ensure ...
Finance and Economics Discussion Series
, Paper 2007-31
Journal Article
Fed economists point to financial system risks from housing GSEs
anonymous
(2006-04-02)
In a working paper, three Atlanta Fed economists examine the risks that Fannie Mae and Freddie Mac?s portfolios pose to the financial system and propose that limits on their portfolios? size could mitigate their inherent risk.
Financial Update
, Volume 19
, Issue Q 2
Conference Paper
A critique of the CBO's sponsorship benefit analysis
Toevs, Alden L.
(2001)
Proceedings
, Paper 722
Working Paper
The GSE implicit subsidy and the value of government ambiguity
Passmore, Wayne
(2005)
The housing-related government-sponsored enterprises Fannie Mae and Freddie Mac (the "GSEs") have an ambiguous relationship with the federal government. Most purchasers of the GSEs' debt securities believe that this debt is implicitly backed by the U.S. government despite the lack of a legal basis for such a belief. In this paper, I estimate how much GSE shareholders gain from this ambiguous government relationship. I find that (1) the government's ambiguous relationship with Fannie Mae and Freddie Mac imparts a substantial implicit subsidy to GSE shareholders, (2) the implicit government ...
Finance and Economics Discussion Series
, Paper 2005-05
Newsletter
Developments and innovations in real estate markets: a conference summary
Haines, Cabray L.
(2006-10)
During the last few years, activity in the U.S. housing market has been brisk, and mortgage credit has reached an ever wider circle of borrowers. A recent conference at the Chicago Fed assembled researchers, regulators, and practitioners to discuss the implications of these developments, both for the housing finance system and for the economy as a whole.
Chicago Fed Letter
, Issue Oct
Journal Article
Fannie Mae’s and Freddie Mac’s changing roles and reform initiatives
anonymous
(2002-04)
Financial Update
, Volume 15
, Issue Apr
, Pages 5
Journal Article
Financing housing through government-sponsored enterprises
Frame, W. Scott; Wall, Larry D.
(2002-01)
Three government-sponsored enterprises (GSEs)-Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System-were created to improve the availability of home mortgage financing by supplementing local funding. But today's more evolved financial markets enable retail lenders to tap national markets. Thus, the main contribution of the three housing GSEs has become providing homebuyers an interest rate subsidy that is made possible by the GSEs' special relationship with the federal government. ; This article examines the economic issues arising from the provision of such subsidies via the housing ...
Economic Review
, Volume 87
, Issue Q1
, Pages 29-43
Journal Article
The housing giants in plain view
Yeager, Timothy J.; Vaughan, Mark D.; Emmons, William R.
(2004-07)
These government-sponsored enterprises continue to make headlines because of their explosive growth and resulting heavyweight status within the nation's financial system.
The Regional Economist
, Issue Jul
, Pages 4-9
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