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Speech
Testimony on housing finance reform: essential elements of a government guarantee for mortgage-backed securities
Tracy, Joseph (2013)
Testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs, Washington, D.C.
Speech , Paper 122

Newsletter
Interest-only mortgages and speculation in hot housing markets
Barlevy, Gadi; Fisher, Jonas D. M. (2020-05-28)
Even as housing markets have temporarily shut down across the U.S. during the Covid-19 pandemic, housing remains a key sector that contributes disproportionately to fluctuations in overall economic activity and that will likely play an important role as the economy reopens. Interest in this market among research economists and policymakers intensified after the exceptional boom and bust in housing between 2003 and 2008. In this Chicago Fed Letter, we describe research in Barlevy and Fisher (2020)1 that examined patterns in the kinds of mortgages homebuyers took out in different cities during ...
Chicago Fed Letter , Issue 439 , Pages 6

Journal Article
The securitization of housing finance
Sellon, Gordon H.; VanNahmen, Deana (1988-07)
Since 1970, housing finance has undergone a radical transformation due to the securitization of mortgage loans. As the market for mortgage securities continues to grow and develop, this transformation raises a number of important public policy issues.
Economic Review , Volume 73 , Issue Jul , Pages 3-20

Working Paper
An analysis of the potential competitive impacts of Basel II capital standards on U.S. mortgage rates and mortgage securitization
Hancock, Diana; Sherlund, Shane M.; Passmore, Wayne; Lehnert, Andreas (2005)
Basel II White Paper , Paper 3

Journal Article
The evolution of the subprime mortgage market
Chomsisengphet, Souphala; Pennington-Cross, Anthony (2006-01)
This paper describes subprime lending in the mortgage market and how it has evolved through time. Subprime lending has introduced a substantial amount of risk-based pricing into the mortgage market by creating a myriad of prices and product choices largely determined by borrower credit history (mortgage and rental payments, foreclosures and bankruptcies, and overall credit scores) and down payment requirements. Although subprime lending still differs from prime lending in many ways, much of the growth (at least in the securitized portion of the market) has come in the least-risky (A-) segment ...
Review , Volume 88 , Issue Jan

Working Paper
Mortgages and monetary policy
Kydland, Finn E.; Šustek, Roman; Garriga, Carlos (2013)
Mortgages are long-term nominal loans. Under incomplete asset markets, monetary policy is shown to affect housing investment and the economy through the cost of new mortgage borrowing and the value of payments on outstanding debt. These channels, distinct from traditional transmission of monetary policy, are evaluated within a general equilibrium model. Persistent monetary policy shocks, resembling the level factor in the nominal yield curve, have larger effects than transitory shocks, manifesting themselves as long-short spread. The transmission is stronger under adjustable- than fixed-rate ...
Working Papers , Paper 2013-37

Journal Article
Miscommunication shook up mortgage, bond markets
Neely, Christopher J. (2004-04)
What the Fed said last year it could do if deflation surfaced was one thing. What the markets heard was another. The result was mania in the bond and mortgage markets.
The Regional Economist , Issue Apr , Pages 4-9

Journal Article
The evolving role of the Federal Home Loan Banks in mortgage markets
Maloney, Daniel K.; Thomson, James B. (2003-06)
The Federal Home Loan Banks are part of a system created by the federal government to promote home ownership. This Commentary looks at new initiatives undertaken by these government-sponsored enterprises to expand their role in financial markets-and the attendant implications for their balance sheets.
Economic Commentary , Issue Jun

Working Paper
The role of race in mortgage lending: revisiting the Boston Fed study
Bostic, Raphael W. (1997)
This paper reexamines claims that non-economic discrimination persists in mortgage loan origination decisions. I find that racial differences in outcomes do exist, as minorities fare worse regarding debt-to-income requirements but better for loan-to-value requirements. Overall, significant racial differentials exist only for ``marginal'' applicants and are not present for those with higher incomes or those with no credit problems. Thus, the claim that non-economic discrimination is a general phenomenon is refuted. Further, I can say little regarding the existence of discrimination among ...
Finance and Economics Discussion Series , Paper 1997-2

Journal Article
The varying effects of predatory lending laws on high-cost mortgage applications
Pennington-Cross, Anthony; Ho, Giang (2007-01)
Federal, state, and local predatory lending laws are designed to restrict and in some cases prohibit certain types of high-cost mortgage credit in the subprime market. Empirical evidence using the spatial variation in these laws shows that the aggregate flow of high-cost mortgage credit can increase, decrease, or be unchanged after these laws are enacted. Although it may seem counterintuitive to find that a law that prohibits lending could be associated with more lending, it is hypothesized that a law may reduce the cost of sorting honest loans from dishonest loans and lessen borrowers' fears ...
Review , Volume 89 , Issue Jan , Pages 39-60

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