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Keywords:Federal National Mortgage Association 

Working Paper
The prepayment experience of FNMA mortgage-backed securities

Research Working Paper , Paper 90-01

Journal Article
Financing housing through government-sponsored enterprises

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

Working Paper
The GSE implicit subsidy and value of government ambiguity

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 federal government's implicit subsidy of Fannie Mae and Freddie Mac has resulted in a funding advantage for the GSEs over private sector institutions, (2) ...
Finance and Economics Discussion Series , Paper 2003-64

Conference Paper
GSEs as instruments of federal policy: public benefits and public costs

Proceedings , Paper 705

Journal Article
Fannie Mae’s and Freddie Mac’s changing roles and reform initiatives

Financial Update , Volume 15 , Issue Apr , Pages 5

Conference Paper
GSEs: why is effective government supervision hard to achieve?

Proceedings , Paper 704

Mortgage rates, homeownership rates, and government-sponsored enterprises

2001 Annual Report essay
Annual Report , Volume 16 , Issue 1 , Pages 4-23

Journal Article
Fannie Mae's new standards

FRBSF Economic Letter

Conference Paper
Managing systemic risk: Fannie Mae's successes

Proceedings , Paper 947

Conference Paper
Emerging competition and risk-taking incentives at Fannie Mae and Freddie Mac

Proceedings , Paper 922


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