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http://hdl.handle.net/10419/60781
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| Title: | | A private lender cooperative model for residential mortgage finance  |
| Authors: | | Dechario, Toni Mosser, Patricia Tracy, Joseph Vickery, James Wright, Joshua |
| Issue Date: | | 2010 |
| Series/Report no.: | | Staff Report, Federal Reserve Bank of New York 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. |
| Subjects: | | GSE MBS mortgage |
| JEL: | | G21 E02 G28 G01 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Staff Reports, Federal Reserve Bank of New York
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