We explore the capital structure and governance of a mortgage-insuring securitization utility operating with government … for appropriate pricing and transfer of mortgage risks across the private sector and between the private sector and the … mortgage guarantee fee, whose size we find is most sensitive to the required capital ratio and the expected return on that …

this model are consistent with preserving the “to-be-announced,” or TBA, market – particularly if the fixed-rate mortgage …

We explore the capital structure and governance of a mortgage-insuring securitization utility operating with government … for appropriate pricing and transfer of mortgage risks across the private sector and between the private sector and the … mortgage guarantee fee, whose size we find is most sensitive to the required capital ratio and the expected return on that …

remains a focus of public policy. -- GSE ; MBS ; mortgage … this model are consistent with preserving the “to-be-announced,” or TBA, market – particularly if the fixed-rate mortgage …

Agency mortgage backed securities (MBS) with diverse characteristics are traded in parallel with individualized … this unique parallel trading environment significantly affects MBS returns: (1) Greater heterogeneity in MBS values … increases the yields of all MBS, because it exacerbates the cheapest-to-deliver concerns for TBA buyers and reduces the value of …

government backing of the mortgage market. Nonetheless, the dominance of the crown corporation CMHC in the mortgage insurance … market concentrates a significant amount of risk in public finances. Improving competitive conditions in the mortgage …

predictable default risk, GSE mortgage rates for otherwise identical loans do not vary spatially. In contrast, the private market … does set interest rates which vary with local risk, and we postulate that the lack of regional variation in GSE mortgage … depends on how they affect local interest rates. In the U.S., most borrowing occurs through the mortgage market and is …

We develop a tractable general equilibrium framework of housing and mortgage markets with aggregate and idiosyncratic … risks, costly liquidity and strategic defaults, empirically relevant informational asymmetries, and endogenous mortgage … takes the form of a home equity insurance mortgage (HEIM) that eliminates the strategic default option and insures the …

Virtually no attention has been paid to the problem of cyclicality in debates over access to mortgage credit, despite … its importance as a driver of tight credit. Housing markets are prone to booms accompanied by bubbles in mortgage credit … artificially impede access to mortgage credit for underserved communities. During upswings, these cycles make homeownership …

Did government mortgage programs mitigate the adverse economic effects of the financial crisis? We find that counties … with greater participation in traditional government mortgage programs experienced less severe economic downturns during … lending had relatively smaller increases in mortgage delinquency rates; smaller declines in purchase originations, home sales …