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Title:A private lender cooperative model for residential mortgage finance PDF Logo
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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