The GSE Public-Private Hybrid Model Flunks Again: This Time It’s the Federal Home Loan Bank System (Part 1)
The Stoop (NYU Furman Center)
MARCH 4, 2024
The F&F core business of securitizing and guaranteeing loans essentially takes the below-market cost of the funds raised by issuing mortgage-backed securities (MBS), which reflects the implied guarantee, and passes that subsidized cost through to primary market lenders. As an example of their lobbying power, in 2004 and 2005 the George W.
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