Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/59246 
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dc.contributor.authorFuster, Andreasen
dc.contributor.authorWillen, Paul S.en
dc.date.accessioned2010-10-01-
dc.date.accessioned2012-06-20T16:10:04Z-
dc.date.available2012-06-20T16:10:04Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/59246-
dc.description.abstractThis paper measures the effects on the primary U.S. mortgage market of the large-scale asset purchase (LSAP) program in which the Federal Reserve bought $1.25 trillion of mortgagebacked securities in 2009 and 2010. We use an event-study approach and measure the movements in both prices and quantities around the initial announcement of the LSAP and subsequent changes to the program. We use a new dataset to document the changes in the menu of rates and points offered to borrowers and show that there was wide dispersion in the rate changes generated by the announcement of the LSAP program, with some borrowers seeing immediate rate reductions of up to 40 basis points and other borrowers confronting rate increases. We show that the LSAP program led to a substantial boost in market activity, with discontinuous increases in searches, applications and originations for refinance mortgages, but not purchase mortgages. Finally, we show that more creditworthy borrowers were significantly more likely to benefit from the improved credit availability.en
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of Boston |cBoston, MAen
dc.relation.ispartofseries|aPublic Policy Discussion Papers |x10-4en
dc.subject.jelE5en
dc.subject.jelE21en
dc.subject.jelG21en
dc.subject.ddc330en
dc.subject.stwHypotheken
dc.subject.stwKreditmarkten
dc.subject.stwStaatliche Einflussnahmeen
dc.subject.stwKreditpolitiken
dc.subject.stwAsset-backed securityen
dc.subject.stwUSAen
dc.title$1.25 trillion is still real money: Some facts about the effects of the Federal Reserve's mortgage market investments-
dc.typeWorking Paperen
dc.identifier.ppn635924471en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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