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Banking

Private Subprime Mortgages Challenged FHA During 2000s Housing Boom

W. Scott Frame, Kristopher Gerardi and Daniel Sexton

Considerable research has been devoted to better understanding the meteoric rise of the PLS subprime mortgage market in the early-to-mid 2000s. But an important aspect has been largely ignored: The simultaneous decline in mortgage originations with Federal Housing Administration (FHA) insurance.

May 11, 2021

Energy Financing Trends Consistent with Renewables’ Growth

SungJe Byun, Jill Cetina and Joe Kneip

Equity markets appear to favor renewable-energy producers relative to their hydrocarbon counterparts. However, the relatively smaller size of many renewables projects complicates direct comparisons of bank lending to hydrocarbon and renewable entities.

February 23, 2021

COVID-19 Exposes Mortgage Market Vulnerabilities that Led to Volatility, Fed Intervention

W. Scott Frame, Brendan McCartney and Eva Steiner

The COVID-19-induced financial market shock in March 2020 significantly disrupted the market for agency mortgage-backed securities.

February 02, 2021

Does Homeownership Provide an Escape from High Rent Burdens?

Sam Dannels, W. Scott Frame, Kristopher Gerardi and Joseph Tracy

Many first-time homebuyers—often with little savings and vulnerable to economic shocks—obtain their mortgages through the Federal Housing Administration (FHA) loan program. Often, these borrowers are moving from apartments and have presumably weighed the costs of renting versus owning.

January 05, 2021

Highly Indebted FHA Borrowers at Special Risk as COVID-19 Forbearance Ends

Sam Dannels, W. Scott Frame, Kristopher Gerardi and Joseph Tracy

The situation appears most urgent for those borrowers who entered the crisis with a high debt load and little room to financially navigate without forbearance.

September 29, 2020

CARES Act Likely to Blunt Mortgage Delinquency Rate Increase

Xiaoqing Zhou

Household survey data and recent unemployment forecasts provide a basis for estimating the share of mortgage borrowers that—absent the CARES Act—would have missed a mortgage payment due to the economic shutdown.

May 26, 2020

How Falling Oil Prices in Early 2020 Weakened the U.S. Economy

Lutz Kilian, Michael D. Plante and Xiaoqing Zhou

The benchmark West Texas Intermediate (WTI) price of oil dropped by more than half from Jan. 21 to April 3. This oil price decline has weakened rather than strengthened the U.S. economy, making this event different from past episodes of falling oil prices.

May 19, 2020

Ability to Repay a Mortgage: Assessing the Relationship Between Default, Debt-to-Income

W. Scott Frame, Kristopher Gerardi, Daniel Sexton and Joseph Tracy

The Consumer Financial Protection Bureau has announced that it intends to change the definition of a “qualified mortgage.” Specifically, the CFPB proposes to reconsider the use of a borrower's debt-to-income ratio as a measure of the ability to repay a loan.

March 24, 2020

The Long Road to Housing Finance Reform: 'Are We There Yet?'

W. Scott Frame and Joseph Tracy

Over the past decade, broad-based legislative reforms for housing finance have proven elusive. However, reflecting lessons from the financial crisis, a political consensus has emerged on how Fannie Mae and Freddie Mac should operate.

February 04, 2020

After the Bust, the Long Road to Housing Finance Reform

W. Scott Frame and Joseph Tracy

The Treasury recently released a plan proposing several administrative and legislative changes aimed at returning Fannie Mae and Freddie Mac to the private sector after more than a decade of federal control.

January 14, 2020

Corporate Debt as a Potential Amplifier in a Slowdown

Robert S. Kaplan

In his latest essay, posted on Dallas Fed Economics, President Rob Kaplan focuses on trends in corporate debt growth and credit quality in the U.S. and discusses potential implications for economic conditions and financial stability.

March 05, 2019

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