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FNMA's Role in Deregulated Markets: Implications from Past Behavior

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  • Kaufman, Herbert M
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    Abstract

    The role that the Federal National Mortgage Association has played over the housing and mortgage credit cycle has often been the subject of controversy. The purpose of this paper is to analyze, both theoretically and econometrically (using VAR techniques), the Federal National Mortgage Association's impact over the last cycle and its likely future role in a deregulated environment, and to investigate the robustness of the econometric results found for earlier cycles. The econometric work suggests that the Federal National Mortgage Association did not behave countercyclically in the last cycle, while generally supporting its countercyclical role in previous cycles noted in earlier work. Copyright 1988 by Ohio State University Press.

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    Bibliographic Info

    Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

    Volume (Year): 20 (1988)
    Issue (Month): 4 (November)
    Pages: 673-83

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    Handle: RePEc:mcb:jmoncb:v:20:y:1988:i:4:p:673-83

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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    Cited by:
    1. Andrea Heuson & Wayne Passmore & Roger Sparks, 2000. "Credit scoring and mortgage securitization: do they lower mortgage rates?," Finance and Economics Discussion Series 2000-44, Board of Governors of the Federal Reserve System (U.S.).
    2. Edward Kane, 1999. "Housing Finance GSEs: Who Gets the Subsidy?," Journal of Financial Services Research, Springer, vol. 15(3), pages 197-209, May.

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