S&P/Case Shiller index
|
|
- Cameron Elwin Thornton
- 5 years ago
- Views:
Transcription
1 S&P/Case Shiller index Home price index Index Jan. 2000=100, 3 month ending metro composite metro composite Sources: Standard & Poor's and Fiserv, Inc., Moody s Analytics.
2 Median existing single-family home price United States Percent change, year ago Sources: National Association of Realtors, Moody s Analytics.
3 Single-family housing starts United States Millions of units Sources: U.S. Census Bureau, IHS Global Insight.
4 Median single-family home sales United States Percent change, year ago Existing homes New homes Sources: National Association of Realtors, Moody s Analytics.
5 Housing inventory Existing, Single-family homes, United States Millions Available homes for sale (L) Months Months supply (R) Sources: NAR, Moody s Analytics.
6 Delinquency rate Percent of loans past due vs. those in foreclosure Percent Percent of loans past due 30 days (L) Percent in foreclosure (R) Percent Sources: Mortgage Bankers Association, Moody s Analytics.
7 Eleven million homes are still under water Number of mortgages, millions Negative equity 23% Q Q Q Q Q Others 72% Near negative equity 5% Source: CoreLogic.
8 Shadow housing inventory equals nine months supply As of January 2011 Number of mortgages, millions Pending serious delinquency inventory Pending foreclosure inventory Pending REO inventory Source: CoreLogic
9 Homes with negative equity by state Percent of homes underwater, Q California is 5 th most underwater, 32% U.S. average is 23% Source: CoreLogic. Least underwater (10% or less) Second tier Third tier Most underwater (32% or more) Note: States with no color/shading (Louisiana, Maine, Mississippi, S. Dakota, Vermont, W. Virginia, and Wyoming) did not have data available.
10 Repeat home sales index 12 month change Single-family excluding distressed series
11 Repeat home sales index 12 month change Single-family combined
12 30-year fixed mortgage rate United States Percent Sources: Mortgage Bankers Association, Moody s Analytics.
13 Housing affordability United States Index Sources: U.S. Census, Moody s Analytics.
14 Mortgage principal and interest payments Monthly payment amounts US$ Sources: National Association of Realtors, Moody s Analytics.
15 Homeownership rates by age United States Percent Less than 35 years old (L) 65 years and over (R) Percent Sources: U.S. Census, Moody s Analytics.
16 Number of applications for government (FHA and VA) mortgages Composite index Index March 1990 = Sources: Mortgage Bankers Association, Moody s Analytics.
17 Government-backed mortgage originations As percent of total single-family originations Percent Sources: U.S. Office of Federal Housing Enterprise Oversight, Moody s Analytics.
18 Freddie and Fannie s share of residential mortgage debt outstanding Percent Sources: FHFA Annual Report to Congress, Enterprise financial statements, Federal Reserve Board.
19 Changing landscape of the U.S. mortgage market Percent of home mortgage loans securitized Percent of home mortgage loans held or securitized by government agencies and GSEs Sources: Federal Reserve, Milken Institute. Note: Estimates based upon single-family home mortgages.
20 GSEs suffered significant losses in 2008 to 2010 Net income, US$ billions Fannie Mae Freddie Mac Sources: Fannie Mae, Freddie Mac, FHFA, Inside the GSEs.
21 Agency originations by credit score Source: Lender Processing Services.
22 Agency originations by loan-to-value ratio Source: Lender Processing Services.
23 Households shedding debt Financial obligations ratio Homeowners debt as percent of disp. income Percent Mortgage debt Consumer debt Sources: Federal Reserve Board, Moody s Analytics.
24 Interest rates Fed funds rate vs. 10-year bond yield Percent year T- note yield Federal funds rate Sources: Federal Reserve Board, IHS Global Insight.
25 Job market turning the corner Non-farm employment, United States Percent change, year ago 4.0 Difference from previous month Absolute change, ths. (R) % change (L) Sources: Bureau of Labor Statistics, IHS Global Insight.
26 Illusion of Wealth Effect Assets of Households & Nonprofit Organizations U.S. Asset values ran up over 50% in 4 years!
27 Traditional Economics Opines... In reality asset prices are powerful inputs to the goods and service economy Example: Home Builder Inputs: Land + Lumber + Copper + Labor = X Outputs: Price of Homes = X + Profit Wrong asset prices distort the economy
28 Unsustainable Asset Prices Meant Unsustainable Consumption 1 MEW is calculated as the sum of (1) gross cash out amounts and (2) the change in home equity loans outstanding. The data is the product of a research project undertaken by Dr. A. Greenspan and Dr. J. Kennedy at the Federal Reserve.
29 De-Leveraging Is Self-Reinforcing, Hence Paulson s Financial Bazooka GE Stock at $6 Shareholders to Management: Shrink the balance sheet of GECC (or we ll get a new management that will) Loan Officers Call in loans Term lines-of-credit are terminated Medium Business Emergency de-leveraging Cutting costs is a life and death matter Laid-off Employee Personal balance sheet de-levers (could be forcible - foreclosure) Reduce consumption
30 Policy Choices Upon Arrival of the Minskian Moment Leverage/ Debt Management Strategies Private Sector Solution Bankruptcy/foreclosure Forced liquidation of assets Debt forbearance Forgive principal/interest Reschedule payments Socialized Solution Aid provided to borrowers Micro: FHA lending Macro: Keynesian stimulus Aid provided to lenders TARP Zero rates Run the printing presses: QE2 Policy Results Asset prices collapse Regulatory capital evaporates Banks fail/lending seizes up Civil unrest Labor/capital rapidly re-shuffled DEPRESSION Asset prices are impeded from adjusting Lenders/borrowers given breathing room Government borrowing mushrooms Labor/capital remains distorted INFLATION
31 Treasury Yields Lower Than Where They Were at a Comparable Point in the Great Depression Treasury Rates Dynamics Source: Bloomberg, Federal Reserve
32 Banks Have the Capital and the Liquidity to Lend Banks should be willing lenders against good collateral
33 ...But We re Not Seeing Non-Conforming Mortgage Origination
34 What Happens When Mr. Belvedere Wants to Buy His Dream House? Mr. Belvedere wants to put down $1 million on a $2 million dream house Bank should be pleased to originate: Issue 5-Year CD at 2% Offer Mr. Belvedere 6% Mortgage 50% LTV 4% Net-interest margin (NIM) Asset Liability 6% Non-conforming 2% Certificate Mortgage of Deposit Instead of saying yes, bank asks for: Proof of Income Verification of This Notarization of That Grade school report card
35 Mr. Belvedere Realizes the Bank Doesn t Want to Lend! In fact, no bank wants to originate the loan No money center bank No regional bank No community bank No start-up bank Theory #1: Mr. Potter theory that bankers are bad Theory #2: It is not economic for banks to lend. But why?
36 Mortgage Conundrum Explained Legacy loans priced at discount to new issue market Invisible hand steering mortgage capital to secondary market (and away from primary market)
37 Mortgage Conundrum: Fundamental Cause Surplus of Underwater Properties Excess/Overhang of Mortgage Loans Foreclosure process full of friction Banks exercise restraint in foreclosing Government empowers borrowers against lenders Court system backed up on foreclosure filings Inefficient liquidation of property has led to inefficient mortgage pricing
38 Providing Zero Rate Capital Further Distorts the Economy Consider a game of monopoly where two of the players get 0% loans from the banker and two of the players do not Price of Boardwalk and Park Place gets bid higher Those that receive the 0% loans have their prospects accreted while the others have their prospects diluted EM countries receiving capital inflows (Brazil) benefit at expense of those countries that do not (Egypt, Tunisia)
39 Ending Fiscal Stimulus: How Do You Squeeze a Tuna Fish into a Sardine Can? If the stock of Federal debt normalizes at 100% debt/gdp and Treasury rates normalize at 5%, then debt service costs will more than triple to 5% of U.S. GDP Can we get Federal spending back home to Kansas at 21% of GDP? The Federal Government ends up short 6.3% of U.S. GDP, i.e. $900 Billion per year
40
41
42
43
44 Q Q Q Q4 GSE & GNMA Market Share Fell When Subprime Boomed; Today GSEs & GNMA Are Main Source of Mortgage Funds 90% 80% 70% 60% 50% 40% 30% MBS Share Issuance (Percent of MBS Issuance) Annual ( ) Quarterly (2008) Conventional, Prime, Fixed-Rate Lending Is Mainstay of Market ( ) Subprime, Non-Traditional Lending Boom ( H1) 4 th quarter 2008: Subprime Crisis, Private-label MBS Collapse (2007H2-2008) FRE & FNM 62% Ginnie Mae 37% 20% 10% 0% Private-Label 1% Ginnie Mae Private-Label Freddie Mac and Fannie Mae Office of the Chief Economist Source: Inside MBS & ABS (The 2008 Mortgage Market Statistical Annual - Volume II), Inside MBS & ABS (April 25, 2005, July 11, 2008 issues, and January 9, 2009).
S&P/Case Shiller index
S&P/Case Shiller index Home price index Index Jan. 2000=100, 3 month ending 240 220 200 180 160 10-metro composite 140 20-metro composite 120 100 80 2000 2001 2002 2003 2004 Sources: Standard & Poor's
More informationEconomic and Banking Outlook. Major issues
/1/9 Economic and Banking Outlook May 9 Major issues Consumer spending recovering? Investment t spending lagging? Housing inventories will take years to clear Bank credit losses will remain high through
More informationReal gross domestic product
Real gross domestic product United States Compound annual growth rate 10 5 0-5 -10 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 Sources: Bureau of Economic Analysis, IHS Global Insight. Employment by sector
More informationThe US Housing Market Crisis and Its Aftermath
The US Housing Market Crisis and Its Aftermath Asian Development Bank November 16, 2009 Table of Contents Section I II III IV V US Economy and the Housing Market Freddie Mac Overview Business Activities
More informationThe Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners
The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners May 2011 U.S. Department of Housing and Urban Development Office of Policy Development Research U.S Department
More informationThe Office of Economic Policy HOUSING DASHBOARD. March 16, 2016
The Office of Economic Policy HOUSING DASHBOARD March 16, 216 Recent housing market indicators suggest that housing activity continues to strengthen. Solid residential investment in 215Q4 contributed.3
More informationThe Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners
The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners November 2012 U.S. Department U.S Department of Housing of Housing and Urban and Urban Development Development
More informationPolling Question 1: Should the first-time home buyer tax credit of $8,000 be extended past November 30, 2009?
Polling Question 1: Should the first-time home buyer tax credit of $8, be extended past November 3,? 1. No 2. Yes, keep to $8, 3. Yes, increase to $15, and expand to all Polling Question 2: Which mortgage
More informationThe Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners
The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners April 2012 U.S. Department of Housing and Urban Development Office of Policy Development Research U.S Department
More informationMortgage Performance Summary
Mortgage Performance Summary QUARTERLY UPDATE Housing Market and Mortgage Performance in the 1st Quarter, 2017 Joseph Mengedoth Michael Stanley 475 450 425 400 375 350 325 300 275 250 225 200 175 150 125
More informationHousing Market and Mortgage Performance in the Fifth District
QUARTERLY UPDATE Housing Market and Mortgage Performance in the Fifth District 3 rd Quarter, 2013 Jamie Feik Lisa Hearl Joseph Mengedoth An Update on Housing Market and Mortgage Performance in the Fifth
More informationExhibit 3 with corrections through Memorandum
Exhibit 3 with corrections through 4.21.10 Memorandum High LTV, Subprime and Alt-A Originations Over the Period 1992-2007 and Fannie, Freddie, FHA and VA s Role Edward Pinto Consultant to mortgage-finance
More informationHousing and Mortgage Market Update
Housing and Mortgage Market Update VCU Real Estate Trends Conference October 14, 29 Amy Crews Cutts, PhD Deputy Chief Economist Recession Risks Still Elevated, Housing Contraction Ongoing Recession risks
More informationThe Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners
The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners February 2015 U.S. Department of Housing and Urban Development Office of Policy Development and Research
More informationThe Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners
The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners August 2015 U.S. Department of Housing and Urban Development Office of Policy Development and Research U.S
More informationRole of HFAs and FHA in supporting homeownership
Role of HFAs and FHA in supporting homeownership Ed Golding Housing Finance Policy Center Urban Institute HFA Institute Washington, DC January 12, 2018 Introduction Homeownership has been supported by
More informationMortgage Market Statistical Annual 2017 Yearbook. Table of Contents
Mortgage Originations Mortgage Origination Activity Mortgage Market Statistical Annual 2017 Yearbook Table of Contents Mortgage Origination Indicators: 1995-2016... 3 Mortgage Originations by Product:
More informationU.S. Housing Markets: Looking Back, Looking Forward
U.S. Housing Markets: Looking Back, Looking Forward Dr. Raphael Bostic Assistant Secretary, Office of Policy Development and Research U.S. Department of Housing and Urban Development Special Thanks Ed
More informationReal Estate Market. Lawrence Yun, Ph.D. Presentation to New England REALTORS Conference. February 2, 2010 NATIONAL ASSOCIATION OF REALTORS
Real Estate Market Trends & Outlook Lawrence Yun, Ph.D. Chief Economist NATIONAL ASSOCIATION OF REALTORS Presentation to New England REALTORS Conference February 2, 2010 Housing Stimulus Impact Tax Credit
More informationThe Future of the Mortgage Market: Where Do We Go From Here?
The Future of the Mortgage Market: Where Do We Go From Here? Stuart Gabriel, Director of the Ziman Center for Real Estate, Arden Realty Chair and Professor of Finance, Anderson School of Management, University
More informationCapital Market Trends and Forecasts
Capital Market Trends and Forecasts Glenn Yago, Ph.D. Director, Capital Studies Milken Institute Los Angeles Fire and Police Pension System Education Retreat January 7, 28 1 Dow Jones U.S. Financial Index
More informationNational Housing Market Summary
1st 2017 June 2017 HUD PD&R National Housing Market Summary The Housing Market Recovery Showed Progress in the First The housing market improved in the first quarter of 2017. Construction starts rose for
More informationHousing America s Future: New Directions for National Policy Report of the Bipartisan Policy Center Housing Commission
Housing America s Future: New Directions for National Policy Report of the Bipartisan Policy Center Housing Commission About the Housing Commission Created by the Bipartisan Policy Center, a non-profit
More informationManaging Your Money: "Housing and Public Policy the Bubble, Present, and Future
Managing Your Money: "Housing and Public Policy the Bubble, Present, and Future PLATO (Participatory Learning and Teaching Organization) J. Michael Collins UW Madison Center for Financial Security Overview
More informationJulie Stackhouse Senior Vice President Federal Reserve Bank of St. Louis
Julie Stackhouse Senior Vice President Federal Reserve Bank of St. Louis May 22, 2009 The views expressed are those of Julie Stackhouse and may not represent the official views of the Federal Reserve Bank
More informationWeakness in the U.S. Housing Market Likely to Persist in 2008
Weakness in the U.S. Housing Market Likely to Persist in 2008 Commentary by Sondra Albert, Chief Economist AFL-CIO Housing Investment Trust January 29, 2008 The national housing market entered 2008 mired
More informationReview of Northern Virginia Market Conditions and Trends
Review of Northern Virginia Market Conditions and Trends Prepared for Northern Virginia Area Association of Realtors November 12, 2011 Virginia Housing Development Authority Northern Virginia s existing
More informationDid Affordable Housing Legislation Contribute to the Subprime Securities Boom?
Did Affordable Housing Legislation Contribute to the Subprime Securities Boom? Andra C. Ghent (Arizona State University) Rubén Hernández-Murillo (FRB St. Louis) and Michael T. Owyang (FRB St. Louis) Government
More informationAUGUST MORTGAGE INSURANCE DATA AT A GLANCE
AUGUST MORTGAGE INSURANCE DATA AT A GLANCE CONTENTS 4 OVERVIEW 32 PRITE-LABEL SECURITIES Mortgage Insurance Market Composition 6 AGENCY MORTGAGE MARKET Defaults : 90+ Days Delinquent Loss Severity GSE
More informationThe 2017 Economic Outlook Summit
The 2017 Economic Outlook Summit Southeast Fairfax Development Corporation Mount Vernon-Lee Chamber of Commerce Frank Nothaft, CoreLogic SVP & Chief Economist April 6, 2017 2017 Market: Less Affordability
More informationThe state of the nation s Housing 2013
The state of the nation s Housing 2013 Fact Sheet PURPOSE The State of the Nation s Housing report has been released annually by Harvard University s Joint Center for Housing Studies since 1988. Now in
More informationFannie Mae Reports Net Income of $5.1 Billion for Second Quarter 2012
Contact: Pete Bakel Resource Center: 1-800-732-6643 202-752-2034 Date: August 8, 2012 Fannie Mae Reports Net Income of $5.1 Billion for Second Quarter 2012 Net Income of $7.8 Billion for First Half 2012
More informationFannie Mae Reports Third-Quarter 2011 Results
Contact: Number: Katherine Constantinou 202-752-5403 5552a Resource Center: 1-800-732-6643 Date: November 8, 2011 Fannie Mae Reports Third-Quarter 2011 Results Company Focused on Providing Liquidity to
More informationMemorandum. Sizing Total Exposure to Subprime and Alt-A Loans in U.S. First Mortgage Market as of
Memorandum Sizing Total Exposure to Subprime and Alt-A Loans in U.S. First Mortgage Market as of 6.30.08 Edward Pinto Consultant to mortgage-finance industry and chief credit officer at Fannie Mae in the
More informationb. Financial innovation and/or financial liberalization (the elimination of restrictions on financial markets) can cause financial firms to go on a
Financial Crises This lecture begins by examining the features of a financial crisis. It then describes the causes and consequences of the 2008 financial crisis and the resulting changes in financial regulations.
More informationThe Foreclosure Crisis in NYC: Patterns, Origins, and Solutions. Ingrid Gould Ellen
The Foreclosure Crisis in NYC: Patterns, Origins, and Solutions Ingrid Gould Ellen Reasons for Rise in Foreclosures Risky underwriting Over-leveraged borrowers High debt to income ratios Economic downturn
More informationFannie Mae Reports Net Income of $2.0 Billion and Comprehensive Income of $2.2 Billion for Third Quarter 2015
Resource Center: 1-800-732-6643 Contact: Date: Pete Bakel 202-752-2034 November 5, 2015 Fannie Mae Reports Net Income of 2.0 Billion and Comprehensive Income of 2.2 Billion for Third Quarter 2015 Fannie
More informationWhy is the Country Facing a Financial Crisis?
Why is the Country Facing a Financial Crisis? Prepared by: Julie L. Stackhouse Senior Vice President Federal Reserve Bank of St. Louis November 3, 2008 The views expressed in this presentation are the
More informationA Nation of Renters? Promoting Homeownership Post-Crisis. Roberto G. Quercia Kevin A. Park
A Nation of Renters? Promoting Homeownership Post-Crisis Roberto G. Quercia Kevin A. Park 2 Outline of Presentation Why homeownership? The scale of the foreclosure crisis today (20112Q) Mississippi and
More informationHearing on The Housing Decline: The Extent of the Problem and Potential Remedies December 13, 2007
Statement of Michael Decker Senior Managing Director, Research and Public Policy Before the Committee on Finance United States Senate Hearing on The Housing Decline: The Extent of the Problem and Potential
More informationTEACHERS RETIREMENT BOARD INVESTMENT COMMITTEE. SUBJECT: Home Loan Program 2012 Mid-Year Report CONSENT: X ATTACHMENT(S): 1
TEACHERS RETIREMENT BOARD INVESTMENT COMMITTEE SUBJECT: Home Loan Program 2012 Mid-Year Report ITEM NUMBER: 4c CONSENT: X ATTACHMENT(S): 1 ACTION: DATE OF MEETING: September 7, 2012 INFORMATION: X PRESENTER(S):
More informationFannie Mae and Freddie Mac. Joseph Dashevsky, Nicole Davessar, Sarah Nicholson, and Scott Symons
Fannie Mae and Freddie Mac Joseph Dashevsky, Nicole Davessar, Sarah Nicholson, and Scott Symons Origins of Fannie Mae Great Depression New Deal Personal income, tax revenue, profits, and prices all drop
More informationWhat s Available, What s Reliable?
What s Available, What s Reliable? June 2, 2011 William R. Emmons, Daigo K. Gubo, and Julia S. Maués Federal Reserve Bank of St. Louis The views expressed are those of the presenters, not necessarily those
More informationOverview and Outlook for Housing in the Kansas City Metropolitan Area
Overview and Outlook for Housing in the Kansas City Metropolitan Area Kansas City Mortgage Bankers Association May 16, 2013 Hallbrook Country Club Leawood, KS Kelly D. Edmiston Federal Reserve Bank of
More informationLawrence Yun, Ph.D. Chief Economist NATIONAL ASSOCIATION OF REALTORS. Presentation at NAR Leadership Summit Chicago, IL
Lawrence Yun, Ph.D. Chief Economist NATIONAL ASSOCIATION OF REALTORS Presentation at NAR Leadership Summit Chicago, IL August 21, 2008 60 50 Home Sales Starting to Recover from Improving Affordability
More informationThe U.S. Residential Mortgage Market: Sizing the Problem and Proposing Solutions
The U.S. Residential Mortgage Market: Sizing the Problem and Proposing Solutions Laurie S. Goodman Senior Managing Director Amherst Securities Group, LP New York City T The U.S. housing market remains
More informationHousing and Credit Markets Outlook
Housing and Credit Markets Outlook FTA Revenue Estimating Conference Springfield, IL Amy Crews Cutts, SVP Chief Economist October 7, Equifax Inc. Government Shutdown and Debt Ceiling! As of October 1 st
More informationFederal National Mortgage Association
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December
More informationNew Orleans Area Local Market Report, Fourth Quarter Median Price (Red Line) and One-year Price Growth 2009 Q Q4.
Area Local Market Report, Fourth Quarter Today's Market $200,000 $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 Median Price (Red Line) and One-year Price Growth 2000 2002
More informationChapter 11 11/18/2014. Mortgages and Mortgage Markets. Thrifts (continued)
Mortgages and Mortgage Markets Chapter 11 Sources of Funds for Residential Mortgages McGraw-Hill/Irwin Copyright 2010 by The McGraw-Hill Companies, Inc. All rights reserved. 11-2 Traditional and Modern
More informationMaking Home Affordable Program Servicer Performance Report Through October 2009
Overview of Administration Housing Stability Initiatives Initiatives to Support Access to Affordable Mortgage Credit and Housing Initiatives to Prevent Avoidable Foreclosures and Stabilize Neighborhoods
More informationHousing & Mortgage Market Outlook
Housing & Mortgage Market Outlook 2005 Economic Outlook Symposium Federal Reserve Bank of Chicago December 2005 David W. Berson Vice President & Chief Economist What You Want to Know: We expect economic
More informationThis Month in Real Estate
Keller Williams Research This Month in Real Estate Released: December 4, 2009 Commentary. 2 The Numbers That Drive Real Estate 3 Recent Government Action. 9 Topics for Buyers and Sellers. 15 1 Steps to
More informationFannie Mae Reports Net Income of $4.6 Billion and Comprehensive Income of $4.4 Billion for Second Quarter 2015
Resource Center: 1-800-732-6643 Contact: Date: Pete Bakel 202-752-2034 August 6, 2015 Fannie Mae Reports Net Income of 4.6 Billion and Comprehensive Income of 4.4 Billion for Second Quarter 2015 Fannie
More informationDemand and Supply. May 2014 U.S. Economic & Housing Market Outlook
May 2014 U.S. Economic & Housing Market Outlook Demand and Supply Economists use demand and supply diagrams to explain a host of real-world phenomena. To illustrate, let s use this tool to analyze three
More information11/9/2017. Chapter 11. Mortgages and Mortgage Markets. Traditional and Modern Housing Finance: From S&Ls to Securities. Thrifts (continued)
Mortgages and Mortgage Markets Chapter 11 Sources of Funds for Residential Mortgages McGraw-Hill/Irwin Copyright 2010 by The McGraw-Hill Companies, Inc. All rights reserved. 11-2 Traditional and Modern
More informationFannie Mae Reports Net Income of $1.8 Billion for Third Quarter 2012
Contact: Pete Bakel 202-752-2034 Date: November 7, 2012 Resource Center: 1-800-732-6643 Fannie Mae Reports Net Income of $1.8 Billion for Third Quarter 2012 Company Generates Net Income of $9.7 Billion
More informationNAR Research on the Impact of Jumbo Mortgage Credit Crunch
NAR Research on the Impact of Jumbo Mortgage Credit Crunch Introduction Mortgage rates are at 50 year lows, thereby raising housing affordability conditions to all-time high levels. However, the historically
More informationFederal National Mortgage Association
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 n For the quarterly period ended
More informationFHFA Perspectives on Foreclosure Prevention and Principal Forgiveness
FHFA Perspectives on Foreclosure Prevention and Principal Forgiveness Edward DeMarco, Acting Director Federal Housing Finance Agency The Brookings Institution April 10, 2012 My goal today is to answer
More informationReview of Virginia Market Conditions and Foreclosure Trends
Review of Virginia Market Conditions and Foreclosure Trends August 6, 2013 Virginia Housing Development Authority Where we are in the market recovery 1 Home sales continue to rise. 2 nd Qtr. sales were
More informationGuaranteed to Fail Fannie Mae, Freddie Mac and the Debacle of US Housing Finance
Guaranteed to Fail Fannie Mae, Freddie Mac and the Debacle of US Housing Finance Prof. Stijn Van Nieuwerburgh New York University Stern School of Business March 1, 2011 Published by Princeton University
More informationMORTGAGE MARKETS AND THE ENTERPRISES IN July 2008
MORTGAGE MARKETS AND THE ENTERPRISES IN 2007 July 2008 Preface This Office of Federal Housing Enterprise Oversight (OFHEO) research paper reviews developments in the housing sector and the primary and
More informationPrintable Lesson Materials
Printable Lesson Materials Print these materials as a study guide These printable materials allow you to study away from your computer, which many students find beneficial. These materials consist of two
More informationTestimony of Michael D. Calhoun President, Center for Responsible Lending. Before the House Committee on Financial Services
Testimony of Michael D. Calhoun President, Center for Responsible Lending Before the House Committee on Financial Services Hearing: A Legislative Proposal to Protect American Taxpayers and Homeowners by
More informationPrinciples of Mortgage Lending Secondary Marketing
Principles of Mortgage Lending Secondary Marketing DAN MCKENNEY PRESIDENT/CEO, MERRIMACK MORTGAGE COMPANY MARIO A. GOMEZ VP SECONDARY OFFICER, HARBORONE BANK Agenda History of Secondary Marketing Key Participants
More informationToo Big to Fail Financial Institutions The U.S., the Crisis and Beyond Cirano & Ecole Polytechnique Montreal September 16, 2011
Too Big to Fail Financial Institutions The U.S., the Crisis and Beyond Cirano & Ecole Polytechnique Montreal September 16, 2011 David Min Associate Director for Financial Markets Policy Center for American
More informationPrinciples of Mortgage Lending Secondary Marketing MICHAEL WILBERTON VP CAPITAL MARKETS OFFICER, HARBORONE BANK
Principles of Mortgage Lending Secondary Marketing MICHAEL WILBERTON VP CAPITAL MARKETS OFFICER, HARBORONE BANK Executive Summary History of Secondary Marketing Key Participants in the Secondary Market
More informationAPPENDIX A: GLOSSARY
APPENDIX A: GLOSSARY Italicized terms within definitions are defined separately. ABCP see asset-backed commercial paper. ABS see asset-backed security. ABX.HE A series of derivatives indices constructed
More informationThe U.S. Housing Market
U.S. economic expansions, contractions, and subsequent recoveries are inextricably linked to the housing market. Housing has always played a major role in economic cycles, but for a number of reasons its
More informationThe State Of Housing, Housing Finance and, Agency Reform
The State Of Housing, Housing Finance and, Agency Reform Scott Simon Managing Director PIMCO June 8, 2011 Pacific Investment Management Company LLC,840 Newport Center Drive, Newport Beach, CA 92660, 800-387-4626.
More informationExhibit 2 with corrections through Memorandum
Exhibit 2 with corrections through 10.11.10 Memorandum Sizing Total Federal Government and Federal Agency Contributions to Subprime and Alt- A Loans in U.S. First Mortgage Market as of 6.30.08 Edward Pinto
More information1 Anthony B. Sanders, Ph.D. is Professor of Finance at the School of Management at George Mason University
Anthony B. Sanders 1 Oral Testimony House Financial Services Committee March 23, 2010 Hearing on Housing Finance-What Should the New System Be Able to Do? Part I-Government and Stakeholder Perspectives
More informationThe Equifax Economic and Credit Markets Outlook
The Equifax Economic and Credit Markets Outlook A CUNA Roundtable Amy Crews Cutts SVP- Chief Economist, Equifax May 15, 2014 Comments on the Economic Outlook General forecast is that economic growth accelerates
More informationBEYOND THE CREDIT SCORE: The Secondary Mortgage Market
BEYOND THE CREDIT SCORE: The Secondary Mortgage Market Housing Action IL Housing Action Illinois is a statewide coalition formed to protect and expand the availability of quality, affordable housing throughout
More informationGrand Rapids Area Local Market Report, Fourth Quarter Median Price (Red Line) and One-year Price Growth 20% $140,000 $120,000 $100,000
Area Local Market Report, Fourth Quarter Today's Market $160,000 Median Price (Red Line) and One-year Price Growth 20 $140,000 $120,000 $100,000 10 0 $80,000-10 $60,000 $40,000 $20,000-20 -30 $0 2000 2002
More informationHomeownership. The State of the Nation s Housing 2009
Homeownership Entering 9, foreclosures were at a record high, price declines were keeping many would-be buyers on the sidelines, and tighter underwriting standards were preventing many of those ready to
More informationMay 17, Housing Sector Overview
May 17, 2017 Housing Sector Overview Housing Finance Policy Center May 17, 2017 AFFORDABLE HOUSING: In general, housing for which the occupant(s) is/are paying no more than 30 percent of his or her income
More information1. Sustained increases in population and job growth. According to US Census information, the
Financial Crisis Inquiry Commission Phil Angelides, Chairman Sacramento Field Hearing September 23, 2010 Thomas C. Putnam, President Putnam Housing Finance Consulting Mr. Chairman and Commissioners Thank
More informationFederal National Mortgage Association
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December
More informationReview of Regional Market Conditions in the Greater Piedmont Area
Review of Regional Market Conditions in the Greater Piedmont Area Greater Piedmont Area Association of Realtors June 7, 2010 Virginia Housing Development Authority Overview of Current Market Conditions
More informationU.S. Residential. Mortgage Default. Performance Update. & Market Analysis
2016 U.S. U.S. RESIDENTIAL MORTGAGE DEFAULT PERFORMANCE UPDATE & MARKET ANALYSIS The residential mortgage servicing industry is worlds away from where it was six years ago at the peak of the housing crisis,
More informationWHAT THE REALLY HAPPENED...
WHAT THE F#@K REALLY HAPPENED... THE ECONOMIC CRISIS OF 08 EDMOND GRADY A BANKER IS A FELLOW WHO LENDS YOU HIS UMBRELLA WHEN THE SUN IS SHINING, BUT WANTS IT BACK THE MINUTE IT BEGINS TO RAIN. MARK TWAIN
More informationThe Recession
The 2007-2009 Recession 1. Originins in the Housing Market 2. Financial Crisis 3. Recession and Liquidity Trap 4. Policy Responses and the Zero Lower Bound Housing Market A sharp decline in house prices
More informationWashington, D.C. Metropolitan Area Foreclosure Monitor: Technical Appendix
Washington, D.C. Metropolitan Area Foreclosure Monitor: Technical Appendix and Revised March, 2011 Geography of Data The Washington metropolitan region spans three states and the District of Columbia.
More informationFannie Mae Reports Net Income of $10.1 Billion and Comprehensive Income of $10.3 Billion for Second Quarter 2013
Resource Center: 1-800-732-6643 Contact: Pete Bakel 202-752-2034 Date: August 8, 2013 Fannie Mae Reports Net Income of $10.1 Billion and Comprehensive Income of $10.3 Billion for Second Quarter 2013 Fannie
More informationHousing & Mortgage Outlook. Frank Nothaft Chief Economist May 22, 2018
Housing & Mortgage Outlook Frank Nothaft Chief Economist May 22, 2018 Economic & Housing Outlook Effect of higher mortgage rates Inventory-for-sale remains low Less refinance, more purchase & home-improvement
More informationChapter 13 Multiple Choice Questions
Chapter 13 Multiple Choice Questions / Page 1 Chapter 13 Multiple Choice Questions 1. The primary difference between a secured and unsecured loan is a. whether or not the lender charges interest on the
More informationCREDIT UNIONS: REAL ESTATE LENDING AND MORTGAGE BANKINGACTIVITIES
CREDIT UNIONS: REAL ESTATE LENDING AND MORTGAGE BANKINGACTIVITIES ACUIA Region 3 Meeting Presented by: Bob Parks, CPA Director, Financial Institutions Group Overview Mortgage market and credit union trends
More informationWill The Recovery Hold? By Doug Duncan Vice President and Chief Economist Fannie Mae June 17, 2010
Will The Recovery Hold? By Doug Duncan Vice President and Chief Economist Fannie Mae June 17, 2010 1 Disclaimer Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economics & Mortgage
More informationDiscussion of Why Has Consumption Remained Moderate after the Great Recession?
Discussion of Why Has Consumption Remained Moderate after the Great Recession? Federal Reserve Bank of Boston 60 th Economic Conference Karen Dynan Assistant Secretary for Economic Policy U.S. Treasury
More informationFannie Mae 2009 Second Quarter Credit Supplement. August 6, 2009
Fannie Mae 2009 Second Quarter Credit Supplement August 6, 2009 1 These materials present tables and other information about Fannie Mae, including information contained in Fannie Mae s Quarterly Report
More informationSecurity-Level Disclosure
Security-Level Disclosure Attribute Names & s Freddie Mac provides loan-level information at PC issuance and on a monthly basis for all newly issued fixed-rate and adjustable-rate mortgage () PC securities
More informationThe Mortgage Industry
Financing Residential Real Estate Lesson 4: The Mortgage Industry Introduction In this lesson, we will cover: steps in the residential mortgage process; participants in the process, including loan originators
More informationMortgage Performance Summary
Mortgage Performance Summary QUARTERLY UPDATE Housing Market and Mortgage Performance in South Carolina 2nd Quarter, 2013 Jamie Feik Lisa Hearl An Update on Housing Market and Mortgage Performance in South
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended
More informationFINANCING THE LOAN/MORTGAGE SEQUENCE
THE LOAN/MORTGAGE SEQUENCE FINANCING 1. Buyer applies to lender - Savings Associations, Mutual Savings Banks, Cooperative Banks, Commercial Banks (the Thrifts); Mortgage Companies, Credit Unions, Life
More informationOverview of Mortgage Lending
Chapter 1 Overview of Mortgage 1 Chapter Objectives Contrast the primary mortgage market and secondary mortgage market. Identify entities involved in the primary mortgage market and the secondary market.
More informationWashington, D.C. Metropolitan Area Foreclosure Monitor: Technical Appendix NeighborhoodInfo DC
Washington, D.C. Metropolitan Area Foreclosure Monitor: Technical Appendix NeighborhoodInfo DC Revised January, 2011 The primary data on the performance of residential mortgages presented in the Foreclosure
More informationStatement of Donald Bisenius Executive Vice President Single Family Credit Guarantee Business Freddie Mac
Statement of Donald Bisenius Executive Vice President Single Family Credit Guarantee Business Freddie Mac Hearing of the U.S. Senate Committee on Banking, Housing and Urban Affairs Chairman Dodd, Ranking
More information