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A private lender cooperative model for residential mortgage finance

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Author Info

  • Toni Dechario
  • Patricia Mosser
  • Joseph Tracy
  • James Vickery
  • Joshua Wright

Abstract

We describe a set of six design principles for the reorganization of the U.S. housing finance system and apply them to one model for replacing Fannie Mae and Freddie Mac that has so far received frequent mention but little sustained analysis – the lender cooperative utility. We discuss the pros and cons of such a model and propose a method for organizing participation in a mutual loss pool and an explicit, priced government insurance mechanism. We also discuss how these principles and this model are consistent with preserving the “to-be-announced,” or TBA, market – particularly if the fixed-rate mortgage remains a focus of public policy.

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Bibliographic Info

Paper provided by Federal Reserve Bank of New York in its series Staff Reports with number 466.

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Date of creation: 2010
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Handle: RePEc:fip:fednsr:466

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Related research

Keywords: Government-sponsored enterprises ; Housing - Finance ; Mortgages ; Insurance; Government;

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References

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  1. Rebel A. Cole & Hamid Mehran, 1996. "The effect of changes in ownership structure on performance: evidence from the thrift industry," Finance and Economics Discussion Series 96-6, Board of Governors of the Federal Reserve System (U.S.).
  2. David Genesove & Wallace P. Mullin, 2001. "Rules, Communication and Collusion: Narrative Evidence from the Sugar Institute Case," NBER Working Papers 8145, National Bureau of Economic Research, Inc.
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Cited by:
  1. Andreas Fuster & James Vickery, 2013. "Securitization and the fixed-rate mortgage," Staff Reports 594, Federal Reserve Bank of New York.
  2. James Vickery & Joshua Wright, 2013. "TBA trading and liquidity in the agency MBS market," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 1-18.
  3. W. Scott Frame & Larry D. Wall & Lawrence J. White, 2012. "The Devil's in the Tail: Residential Mortgage Finance and the U.S. Treasury," Working Papers 12-12, New York University, Leonard N. Stern School of Business, Department of Economics.

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