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Keywords:Secondary markets 

Journal Article
Innovations and recent developments in mortgage-backed securities

FRBSF Economic Letter

Journal Article
The rise of the originate-to-distribute model and the role of banks in financial intermediation

This is the second article in a series which explores the changing role of banks in the financial intermediation process. It accompanies a Liberty Street Blog series. Both discuss the complexity of the credit intermediation chain associated with securitization and note the growing participation of nonbank entities within it. These series also discuss implications for monitoring and rulemaking going forward. In this article, the authors show that, beginning in the early 1990s, lead banks increasingly used the originate-to-distribute model in their corporate lending business and that the ...
Economic Policy Review , Issue Jul , Pages 21-34

Working Paper
An overview of the secondary market for U.S. Treasury securities in London and Tokyo

Finance and Economics Discussion Series , Paper 94-17

Working Paper
GSEs, mortgage rates, and secondary market activities

Fannie Mae and Freddie Mac are government-sponsored enterprises (GSEs) that purchase mortgages and issue mortgage-backed securities (MBS). In addition, the GSEs are active participants in the primary and secondary mortgage markets on behalf of their own portfolios of MBS. Because these portfolios have grown quite large, portfolio purchases as well as MBS issuance are likely to be important forces in the mortgage market. This paper examines the statistical evidence of a connection between GSE actions and the interest rates paid by mortgage borrowers. We find that both portfolio purchases and ...
Finance and Economics Discussion Series , Paper 2005-07

Journal Article
Developments in the secondary mortgage market

Financial Letters , Issue Apr

Journal Article
Managing mortgage portfolios calls for complex decisions

Financial Update , Volume 8 , Issue Jan , Pages 5

Working Paper
To sell or to borrow: a theory of bank liquidity management

Research Working Paper , Paper RWP 14-18

Journal Article
The secondary market for community development loans

Proceedings of the Conference on the Secondary Market for Community Development Loans. At the Federal Reserve?s September conference in Washington, D.C., one participant remarked, ?There are lakes of capital and lakes of need.? How to channel one to the other was the central question we wrestled with at the two-day conference. This article attempts to capture the major themes and ideas from those discussions. It starts with an overview, then explores why community development finance needs to evolve, and concludes with strategies to achieve next steps.
Community Development Innovation Review , Issue 2 , Pages 08-23

Journal Article
Turning uncertainty into risk: why data are the key to greater investment

Proceedings of the Conference on the Secondary Market for Community Development Loans. <p> The role of data dominated much of the discussion at the Federal Reserve?s Secondary Market for Community Development Loans Conference. In our discussions of how to attract new investors to the field, the group reviewed all the things that investors are looking for: volume, geographic diversity, homogeneous assets, etc. But what became clear was that, above all, investors need data. Any investment is possible only if the investor has the necessary information?the data?to decide whether to make an ...
Community Development Innovation Review , Issue 2 , Pages 24-30

Journal Article
Check your guns at the door: how to get together to establish a secondary market

Proceedings of the Conference on the Secondary Market for Community Development Loans <p> Most organizational development professionals are familiar with Spencer Johnson?s book Who Moved My Cheese? Johnson?s tale is simple but insightful and reveals profound truths about change. The four characters in the story live in a maze and they need to look for cheese to nourish them and make them happy. The characters are Sniff, Scurry, Hem, and Haw. ?Cheese? is a metaphor for what you want in life, and ?maze? is where you look for what you want. In the story, the characters face unexpected change, ...
Community Development Innovation Review , Issue 2 , Pages 44-45


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