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GSEs, mortgage rates, and the long-run effects of mortgage securitization

Passmore, Wayne; Sparks, Roger; Ingpen, Jamie - Federal Reserve Board (Board of Governors of the … - 2001

illustrating that market structure, government sponsorship, and the characteristics of the mortgages securitized are all important … enhancements needed in the private sector. Using our simulation model, we demonstrate that when mortgages eligible for purchase by … the GSEs have characteristics similar to other mortgages, then implicit government backing generates differences in …

Persistent link: https://www.econbiz.de/10005394027

Credit scoring and mortgage securitization: do they lower mortgage rates?

Heuson, Andrea; Passmore, Wayne; Sparks, Roger - Federal Reserve Board (Board of Governors of the … - 2000

originators. The securitizer sets the price at which it will purchase mortgages and the credit score standard that qualifies a …

Persistent link: https://www.econbiz.de/10005721145

Do nonfinancial firms use interest rate derivatives to hedge?

Covitz, Daniel; Sharpe, Steven A. - Federal Reserve Board (Board of Governors of the … - 2005

We compile and analyze detailed information on the debt structure and interest rate derivative positions of nonfinancial firms in 2000 and 2002. We find that differences in debt structure across firms and time tend to be counterbalanced by difference in derivative positions. In particular, among...

Persistent link: https://www.econbiz.de/10005393897

Exchange rates, optimal debt composition, and hedging in small open economies

Berrospide, Jose - Federal Reserve Board (Board of Governors of the … - 2008

This paper develops a model of the firm's choice between debt denominated in local currency and that denominated in foreign currency in a small open economy characterized by exchange rate risk and hedging possibilities. The model shows that the currency composition of debt and the level of...

Persistent link: https://www.econbiz.de/10005721030

Corporate hedging, investment and value

Berrospide, Jose M.; Purnanandam, Amiyatosh; Rajan, Uday - Federal Reserve Board (Board of Governors of the … - 2008

We consider the effect of hedging with foreign currency derivatives on Brazilian firms in the period 1997 through 2004, a period that includes the Brazilian currency crisis of 1999. We find that, derivative users have valuations that are 6.7-7.8% higher than non-user firms. Hedging with currency...

Persistent link: https://www.econbiz.de/10005721044

The role of race in mortgage lending: revisiting the Boston Fed study

Bostic, Raphael W. - Federal Reserve Board (Board of Governors of the … - 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...

Persistent link: https://www.econbiz.de/10005514147

Is mortgage lending by savings associations special?

Laderman, Elizabeth; Passmore, Wayne - Federal Reserve Board (Board of Governors of the … - 1998

In this paper, we investigate whether elimination of the savings association charter might reduce lending to nontraditional mortgage borrowers. We present a theoretical model of lender portfolio choice, in which nontraditional lenders have some market power and traditional lenders are...

Persistent link: https://www.econbiz.de/10005514164

Putting the squeeze on a market for lemons: government-sponsored mortgage securitization

Passmore, Wayne; Sparks, Roger - Federal Reserve Board (Board of Governors of the … - 1995

Persistent link: https://www.econbiz.de/10005393636

Estimates of home mortgage originations, repayments, and debt on one-to-four-family residences

Greenspan, Alan; Kennedy, James - Federal Reserve Board (Board of Governors of the … - 2005

of equity extraction from homes financed by mortgages. …

Persistent link: https://www.econbiz.de/10005393663

Clearance and settlement of mortgage-backed securities through the Participants Trust Company

Stehm, Jeff - Federal Reserve Board (Board of Governors of the … - 1992

Persistent link: https://www.econbiz.de/10005393735

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