Showing 1 - 10 of 11,470
This paper analyzes the performance of low income and minority mortgages (LIMMs) from a large sample of fixed rate … conventional conforming mortgages. We test the extent to which exercise of prepayment and default options differ across groups. In …
Persistent link: https://www.econbiz.de/10009477498
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The sub-prime crisis began in mid-2007 as a bursting of the US housing market bubble and became a truly global meltdown in 2008. Renewed instability in financial markets precipitated awareness of how policy makers must react to systemic failures. This paper discusses the primary policy issues...
Persistent link: https://www.econbiz.de/10009352452
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underperformance (high mortgage defaults and losses and large rating downgrades) among deals with observably higher risk mortgages …
Persistent link: https://www.econbiz.de/10010287069
Why do asset price bubbles continue to appear in various markets? This paper provides an overview of recent literature on bubbles, with significant attention given to behavioral models and rational models with frictions. Unlike the standard rational models, the new literature is able to model...
Persistent link: https://www.econbiz.de/10011242201
This paper documents developments in mortgage credit and the housing sector in Latin America over the past decade, and compares them with those of other emerging economies. In particular, it examines the real estate and mortgage markets to assess whether (i) growth in mortgage credit is...
Persistent link: https://www.econbiz.de/10011242412
This paper discusses how financial innovation turned U.S. mortgages into an asset class with worldwide investor appeal …
Persistent link: https://www.econbiz.de/10011242944
We explore the capital structure and governance of a mortgage-insuring securitization utility operating with government reinsurance for systemic or “tail” risk. The structure we propose for the replacement of the GSEs focuses on aligning incentives for appropriate pricing and transfer of...
Persistent link: https://www.econbiz.de/10011027203
Fixed-rate mortgages (FRMs) dominate the U.S. mortgage market, with important consequences for household risk … freezes, the share of FRMs is sharply higher among mortgages eligible to be securitized through the still-liquid agency MBS … rate risk embedded in these loans. We highlight policy implications for ongoing reform of the U.S. mortgage finance system. …
Persistent link: https://www.econbiz.de/10010604287