A private lender cooperative model for residential mortgage finance
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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| Date of creation: | 2010 |
| Date of revision: | |
| Handle: | RePEc:fip:fednsr:466 |
| Contact details of provider: | Postal: 33 Liberty Street, New York, NY 10045-0001 Web page: http://www.newyorkfed.org/ Email: More information through EDIRC
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| Order Information: | Web: http://www.ny.frb.org/rmaghome/staff_rp/ Email: |
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.).
- A. Cole, Rebel & Mehran, Hamid, 1998. "The effect of changes in ownership structure on performance: Evidence from the thrift industry," Journal of Financial Economics, Elsevier, vol. 50(3), pages 291-317, December.
- Genesove, David & Mullin, Wallace P, 2001.
"Rules, Communication and Collusion: Narrative Evidence from the Sugar Institute Case,"
CEPR Discussion Papers
2739, C.E.P.R. Discussion Papers.
- David Genesove & Wallace P. Mullin, 2001. "Rules, Communication, and Collusion: Narrative Evidence from the Sugar Institute Case," American Economic Review, American Economic Association, vol. 91(3), pages 379-398, June.
- 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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