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Estimates of Home Mortgage Originations, Repayments, and Debt on One-to-Four-Family Residences

Alan Greenspan
Federal Reserve Board - Division of Research and Statistics

James E. Kennedy
Federal Reserve Board - Macroeconomic Analysis Section

September 2005

FEDS Paper No. 2005-41

Abstract:
Since 1997, when the Department of Housing and Urban Development discontinued its quarterly gross mortgage flow system, there has been no systematic attempt to disaggregate the net change in outstanding home mortgage debt into its constituent gross flows. Using a different approach, we have developed a system that reconciles the change in regular home mortgage debt with mortgage flows. The latter includes home purchase and refinance originations, and mortgage purchases, sales, and repayments for five types of mortgage originators and six categories of other mortgagees. In the process, we derive the sources of equity extraction from homes financed by mortgages.

Keywords: Mortgage originations, mortgage repayments, refinance originations, home equity extraction

Working Paper Series

Date posted: January 11, 2006 ; Last revised: January 11, 2006

Suggested Citation

Greenspan, Alan and Kennedy, James E., Estimates of Home Mortgage Originations, Repayments, and Debt on One-to-Four-Family Residences (September 2005). FEDS Paper No. 2005-41. Available at SSRN: http://ssrn.com/abstract=874821

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Contact Information

James E. Kennedy (Contact Author) Federal Reserve Board - Macroeconomic Analysis Section ( email ) 20th & C. St., N.W. Mailstop 80 Washington, DC 20551 United States 202-452-2449 (Phone) 202-452-5296 (Fax)
Alan Greenspan Federal Reserve Board - Division of Research and Statistics 20th and C Streets, NW Washington, DC 20551 United States