Name: Finance and Economics Discussion Series: Gses, Mortgage Rates, and Secondary Market Activities (en Inglés)
Price: 542.11 MXN
Availability: InStock
Author: Lehnert, Andreas ; United States Federal Reserve Board ; Et Al
ISBN: 9781288711765

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portada Finance and Economics Discussion Series: Gses, Mortgage Rates, and Secondary Market Activities (en Inglés)

Formato

Libro Físico

Autor

United States Federal Reserve Board

Andreas Lehnert

Editorial

Bibliogov

Idioma

Inglés

N° páginas

Encuadernación

Tapa Blanda

Dimensiones

24.6 x 18.9 x 0.3 cm

Peso

0.11 kg.

ISBN13

9781288711765

Categorías

Política y gobierno

Finance and Economics Discussion Series: Gses, Mortgage Rates, and Secondary Market Activities (en Inglés)

United States Federal Reserve Board (Autor) · Andreas Lehnert (Autor) · Bibliogov · Tapa Blanda

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Reseña del libro "Finance and Economics Discussion Series: Gses, Mortgage Rates, and Secondary Market Activities (en Inglés)"

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 MBS issuance have negligible effects on mortgage rate spreads and that purchases are not any more effective than securitization at reducing mortgage interest rate spreads. We also examine the 1998 liquidity crisis and find that GSE portfolio purchases did little to affect interest rates paid by borrowers. These results are robust to alternative assumptions about causality and to model specification.