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- Title
A MODEL OF FEDERAL HOME LOAN BANK SYSTEM AND FEDERAL NATIONAL MORTGAGE ASSOCIATION BEHAVIOR.
- Authors
Silber, William L.
- Abstract
This article reports on an attempt at estimating the reaction function of the Federal Home Loan Bank System (FHLBS) and Federal National Mortgage Association (FNMA). Both FNMA and FHLBS are government sponsored agencies whose major objective concerns the mortgage market and housing activity. The FHLBS makes loans to savings and loan associations which, in turn, use the funds for mortgage loans. FNMA buys mortgages in the secondary market. During the 1960's these operations were aimed primarily at stabilizing the volume of mortgage credit with the implicit view towards stabilizing housing activity. There were a number of factors during the 1960's which might have prevented the FHLBS and FNMA from pursuing their objective of minimizing the variability in mortgage flows and housing starts. First, before 1968, FNMA purchases and sales of mortgages appeared in the United States budget, hence mortgage purchases, in particular, were carefully examined since such purchases added to the deficit. After 1968 this was no longer true since FNMA was made a private corporation and taken out of the federal budget.
- Subjects
UNITED States; LOANS; MORTGAGES; FEDERAL home loan banks; HOUSING starts; FEDERAL Home Loan Bank System (Company); BEHAVIOR; FANNIE Mae; MARKETS; HOUSING; MORTGAGE loans
- Publication
Review of Economics & Statistics, 1973, Vol 55, Issue 3, p308
- ISSN
0034-6535
- Publication type
Article
- DOI
10.2307/1927953