Mortgage-Backed Securities and Mortgages

The True Cost of No-Cost Mortgages

Mortgage Risk (October 2007)

Misgauging the likely prepayment behavior of no-cost loans (whose closing costs are wrapped into a higher interest rate) could leave banks with assets they cannot securitize, or investors with securities worth less than they bargained for.

An Option-Theoretic Prepayment Model for Mortgages and Mortgage-Backed Securities

International Journal of Theoretical and Applied Finance (December 2004)

Ginnie Mae and the Secondary Mortgage Market: An Integral Part of the American Economic Engine

Ginnie Mae (2003)

This monograph explains Ginnie Mae’s role in connecting global capital markets to the U.S. housing market, promoting affordable housing in America.

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