To what degree has the development of alternative mortgage funding channels promoted the recent boom and bust in U.S. housing markets? Past research examined whether Alt-A and subprime market shares are correlated with the housing bubble. This paper expands the analysis to include the share of...

To what degree has the development of alternative mortgage funding channels promoted the recent boom and bust in U.S. housing markets? Past research examined whether Alt-A and subprime market shares are correlated with the housing bubble. This paper expands the analysis to include the share of...

An examination of the impact of mortgage hedging activities on interest rate volatility considers a wide range of interest rate derivatives to isolate the sources that might be contributing to volatility. Over a rolling window providing estimates of key parameters, the measured effects of...

The refinance shares reported by Freddie Mac's Primary Mortgage Market Survey (PMMS), the Mortgage Bankers Association (MBA), the Home Mortgage Disclosure Act (HMDA), and the National Mortgage News (NMN) have differed by up to 21 percentage points between 1990 and 2005. If a lender's refinance...

We investigate determinants of lenders' choice to securitize loans, focusing on the quality of loans they sell to investors in the secondary mortgage market relative to ones they retain on their balance-sheets. Using several large datasets of mortgage loans originated between 2004 and 2007, we...