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Journal Article
Credit risk and the provision of mortgages to lower-income and minority homebuyers

Federal Reserve Bulletin , Issue Nov , Pages 989-1016

Journal Article
Home equity loans: a way of financing consumer purchases... But they also pose challenges to the homemaker

Cross Sections , Issue Sum , Pages 1+

Journal Article
Statement to Congress, February 24, 1993(Federal Reserve Bank of Boston' s recent study of mortgage lending)

Federal Reserve Bulletin , Issue Apr

Working Paper
Conjectural guarantees loom large: evidence from the stock returns of Fannie Mae and Freddie Mac

Fannie Mae and Freddie Mac are government sponsored enterprises (GSEs) with publicly traded equity. Although these companies hold government issued charters, their securities are not legally backed by the full faith and credit of the United States government. Yet, investors and rating agencies seem to believe that the U.S. Government would "bail out" Fannie or Freddie if they became distressed. We provide evidence of a conjectural guarantee in GSE stock returns. Stock that contains an option on returning the shares at a given price to the issuer -- the government, in this case -- show ...
Working Papers , Paper 2003-031

Working Paper
Predatory lending laws and the cost of credit

Working Papers , Paper 2006-022

Journal Article
House of cards?

Econ Focus , Volume 9 , Issue Fall , Pages 21-24

Journal Article
Mortgage refinancing in 2001 and early 2002

Over the past ten years, millions of homeowners have taken advantage of lower mortgage interest rates and higher home values and have refinanced their mortgage loans. For many, the decision to refinance was motivated by a desire to reduce their monthly mortgage payments, either by obtaining a lower interest rate or by extending the maturity of their mortgage. When they have refinanced, many homeowners have liquefied some of the equity they accumulated in their homes by borrowing more than they needed to pay off their former mortgage and cover the transaction costs of the refinancing. They ...
Federal Reserve Bulletin , Volume 88 , Issue Dec

Journal Article
Mortgage credit and construction

Federal Reserve Bulletin , Issue Aug , Pages 887-892

Working Paper
The role of securitization in mortgage renegotiation

We study the effects of securitization on renegotiation of distressed residential mortgages over the current financial crisis. Unlike prior studies, we employ unique data that directly observe lender renegotiation actions and cover more than 60% of the U.S. mortgage market. Exploiting within-servicer variation in these data, we find that bank-held loans are 26% to 36% more likely to be renegotiated than comparable securitized mortgages (4.2 to 5.7% in absolute terms). Also, modifications of bank-held loans are more efficient: conditional on a modification, bank-held loans have lower ...
Working Paper Series , Paper WP-2011-02

Working Paper
The impact of local predatory lending laws on the flow of subprime credit

Local authorities in North Carolina, and subsequently in at least 23 other states, have enacted laws intending to reduce predatory and abusive lending. While there is substantial variation in the laws, they typically extend the coverage of the Federal Home Ownership and Equity Protection Act (HOEPA) by including home purchase and open end mortgage credit, by lowering annual percentage rate (APR) and fees and points triggers, and by prohibiting or restricting the use of balloon payments and prepayment penalties. Empirical results show that the typical local predatory lending law tends to ...
Working Papers , Paper 2006-009



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