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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

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

Economic Policy Uncertainty Emerges as Drag on Stock Market

Pavel Kapinos and Alex Musatov

Over the past two years, virtually all of the downside pressure on stock prices has come from the elevated levels of such uncertainty.

November 19, 2019

Has U.S. Monetary Policy Gone Off Track?

Evan F. Koenig

The actions of the Federal Open Market Committee (FOMC) can be explained by the committee’s pursuit of full employment and price stability.

June 06, 2019

Corporate Indebtedness: Improving Financial Stability Monitoring

Jill Cetina and Alex Musatov

U.S. nonfinancial corporate credit has been identified as an area where growth in the quantity of debt and deterioration in the quality of underwriting could be a source of concern.

May 23, 2019

Three Macroeconomic Factors to Watch in Equity Markets

Everett Grant and Julieta Yung

Machine learning has helped make music playlist recommendations, facilitated self-driving cars and even interpreted patients’ medical test results.

May 14, 2019

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

Inverted Yield Curve (Nearly Always) Signals Tight Monetary Policy, Rising Unemployment

Evan F. Koenig and Keith R. Phillips

With long-term interest rates falling and short-term rates rising, there has been increasing talk of a possible yield-curve inversion and speculation about what an inversion might mean for the U.S. economy.

February 12, 2019

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