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Journal Article
Assessing mortgage-backed securities challenges investors
anonymous (1991-01)
Economics Update , Issue Jan , Pages 1, 4

Conference Paper
Freddie Mac and Fannie Mae: their funding advantage and benefits to consumers
Pearce, James E.; Miller, James C. (2001)
Proceedings , Paper 737

Working Paper
Neighborhood information and home mortgage lending.
Sniderman, Mark S.; Beeson, Patricia E.; Avery, Robert B. (1996)
An examination of how information about a neighborhood affects the level of lending activity in it--specifically, whether lenders deny mortgage applications at higher rates in neighborhoods where they have little experience in evaluating applications and/or where the lending community in general lacks such experience.
Working Papers (Old Series) , Paper 9620

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

Discussion Paper
Who holds the toxic waste? An investigation of CMO holdings
Lucas, Deborah J.; Haubrich, Joseph G. (2007-06)
Toxic waste refers to the riskiest derivative structures arising from collateralized mortgage obligations (CMOs). We use simulations to predict how this risk would manifest itself in various interest rate environments. We also look for evidence on the total dollar value of these securities, who holds them, and how much they hold. Very limited public information is available, but commercial banks are required to report on their holdings, and we investigate the extent to which the risk is concentrated in that sector.
Policy Discussion Papers , Issue Jun

Working Paper
Market run-ups, market freezes, inventories, and leverage
Leitner, Yaron; Bond, Philip (2012)
This paper is superseded by Working Paper No. 13-14.> We study trade between a buyer and a seller who have existing inventories of assets similar to those being traded. We analyze how these inventories affect trade, information dissemination, and prices. We show that when traders? initial leverages are moderate, inventories increase price and trade volume (a market ?run-up?), but when leverages are high, trade is impossible (a market ?freeze?). Our analysis predicts a pattern of trade in which prices and volumes first increase, and then markets break down. Moreover, the presence of competing ...
Working Papers , Paper 12-8

Conference Paper
Mortgage brokers and the subprime mortgage market
Elliehausen, Gregory E.; Shimazaki, Yoshiaki; Anshasy, Amany El (2005)
Proceedings , Paper 953

Journal Article
Changing the rules: state mortgage foreclosure moratoria during the Great Depression
Wheelock, David C. (2008-11)
Many U.S. states imposed temporary moratoria on farm and nonfarm residential mortgage foreclosures during the Great Depression. This article describes the conditions that led some states to impose these moratoria and other mortgage relief during the Depression and discusses the economic effects. Moratoria were more common in states with large farm populations (as a percentage of total state population) and high farm mortgage foreclosure rates, although nonfarm mortgage distress appears to help explain why a few states with relatively low farm foreclosure rates also imposed moratoria. The ...
Review , Volume 90 , Issue Nov , Pages 569-584

Journal Article
Securitization
Pavel, Christine A. (1986-07)
Economic Perspectives , Volume 10 , Issue Jul

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