Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/262051 
Year of Publication: 
2022
Series/Report no.: 
Staff Report No. 1001
Publisher: 
Federal Reserve Bank of New York, New York, NY
Abstract: 
This paper reviews the mortgage-backed securities (MBS) market, with a particular emphasis on agency residential MBS in the United States. We discuss the institutional environment, security design, MBS risks and asset pricing, and the economic effects of mortgage securitization. We also assemble descriptive statistics about market size, growth, security characteristics, prepayment, and trading activity. Throughout, we highlight insights from the expanding body of academic research on the MBS market and mortgage securitization.
Subjects: 
mortgage finance
securitization
agency mortgage-backed securities
TBA
option-adjusted spreads
covered bonds
JEL: 
G10
G12
G21
Document Type: 
Working Paper

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