Abstract

http://ssrn.com/abstract=1653907
 
 

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A Private Lender Cooperative Model for Residential Mortgage Finance


Toni Dechario


Federal Reserve Banks - Federal Reserve Bank of New York

Patricia C. Mosser


Federal Reserve Banks - Federal Reserve Bank of New York

Joseph S. Tracy


Federal Reserve Bank of New York; National Bureau of Economic Research (NBER)

James I. Vickery


Federal Reserve Bank of New York

Joshua Wright


Federal Reserve Banks - Federal Reserve Bank of New York

August 2010

FRB of New York Staff Report No. 466

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.

Number of Pages in PDF File: 19

Keywords: GSE, MBS, mortgage

JEL Classification: G21, E02, G28, G01

working papers series


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Date posted: August 6, 2010  

Suggested Citation

Dechario, Toni and Mosser, Patricia C. and Tracy, Joseph S. and Vickery, James I. and Wright, Joshua, A Private Lender Cooperative Model for Residential Mortgage Finance (August 2010). FRB of New York Staff Report No. 466. Available at SSRN: http://ssrn.com/abstract=1653907 or http://dx.doi.org/10.2139/ssrn.1653907

Contact Information

Toni Dechario
Federal Reserve Banks - Federal Reserve Bank of New York ( email )
33 Liberty Street
New York, NY 10045
United States
Patricia C. Mosser
Federal Reserve Banks - Federal Reserve Bank of New York ( email )
33 Liberty Street
New York, NY 10045
United States
Joseph Tracy
Federal Reserve Bank of New York ( email )
33 Liberty Street
New York, NY 10045
United States
212-720-6344 (Phone)
212-720-2630 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
James Ian Vickery (Contact Author)
Federal Reserve Bank of New York ( email )
33 Liberty Street
New York, NY 10045
United States
Joshua Wright
Federal Reserve Banks - Federal Reserve Bank of New York ( email )
33 Liberty Street
New York, NY 10045
United States
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