FHFA Staff Working Papers

From Federal Housing Finance Agency
Contact information at EDIRC.
Bibliographic data for series maintained by William Doerner ().

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24-07: Underappraisal Disparities and Time Adjustments to Comparable Sales Prices in Mortgage Appraisals: William Doerner and Scott Susin
24-06: Home Purchase Appraisals in Minority Neighborhoods: Daniel Grodzicki, Sean Cannon, Christopher Davis and Ken Lam
24-05: Tracking Our Footprint: CO2 Emissions from US Single-Family Homes: Becka Brolinson, Jessica Shui and November Wilson
24-04: Measuring Price Effects from Disasters using Public Data: A Case Study of Hurricane Ian: Justin Contat, William Doerner, Robert Renner and Malcolm Rogers
24-03: The Lock-In Effect of Rising Mortgage Rates: Ross Batzer, Jonah Coste, William Doerner and Michael Seiler
24-02: Measuring Homeownership Sustainability for First-Time Homebuyers: Kevin Park, Liyi Liu, Robert Avery and Lawrence Costa
24-01: Capitalization of Property Tax Incentives: Evidence From Philadelphia: Jonah Coste
23-07: Mortgage Debt and the Consumption Response to Fiscal Transfers: Ross Batzer
23-06: Valuing Public Transit: The L-Train Shutdown: Becka Brolinson
23-05: When Climate Meets Real Estate: A Survey of the Literature: Justin Contat, Caroline Hopkins, Luis Mejia and Matthew Suandi
23-04: How Do Students Value an Elite Education? Evidence on Residential Location and Applications to NYC Specialized Schools: Lawrence Costa and Jj Naddeo
23-03: The Credit Supply Channel of Monetary Policy Tightening and its Distributional Impacts: Joshua Bosshardt, Marco Di Maggio, Ali Kakhbod and Amir Kermani
23-02: Geographic Disaggregation of House Price Stress Paths: Implications for Single-Family Credit Risk Measurement: Alexander Bogin, LaRhonda Ealey, Kirsten Landeryou, Scott Smith and Andrew Tsai
23-01: The Value of Intermediaries for GSE Loans: Joshua Bosshardt, Ali Kakhbod and Amir Kermani
22-04: Effects of Mortgage Interest Rates on House Price Appreciation: The Role of Payment Constraints: William Larson
22-03: Applying Seasonal Adjustments to Housing Markets: William Doerner and Wenzhen Lin
22-02: Housing Supply and Liquidity in the COVID-19 Era: Justin Contat and Malcolm Rogers
22-01: Mortgage Appraisal Waivers and Prepayment Speeds: Joshua Bosshardt, William Doerner and Fan Xu
21-03: The Riskiness of Outstanding Mortgages in the United States, 1999 - 2019: William Larson
21-02: Borrower Expectations and Mortgage Performance: Evidence from the COVID-19 Pandemic: William Larson, Christos Makridis and Chad Redmer
21-01: Transaction Composition and House Price Index Measurement: Evidence from a Repeat-Sales Aggregation Index: William Larson and Justin Contat
20-02: Nowcasting Unemployment Insurance Claims in the Time of COVID-19: William Larson and Tara Sinclair
20-01: Land Valuation using Public Records and Kriging: Implications for Land versus Property Taxation in Cities: William Larson and Jessica Shui
19-02: Mortgage Risk Since 1990: Morris Davis, William Larson, Stephen Oliner and Benjamin Smith
19-01: The Price of Residential Land for Counties, ZIP codes, and Census Tracts inthe United States: Morris Davis, William Larson, Stephen Oline and Jessica Shui
18-04: A New Home Affordability Estimate: What Share of Housing Stock Can Families Afford?: Chi-Cheol Chung, Andrew Leventis, William Doerner, David Roderer and Michela Barba
18-03: Appraisal Accuracy, Automated Valuation Models, And Credit Modeling in Rural Areas: Alexander Bogin and Jessica Shui
18-02: House Price Markups and Mortgage Defaults: Paul Carrillo, William Doerner and William Larson
18-01: Are Appraisal Management Companies Value-Adding? – Stylized Facts from AMC and Non-AMC Appraisals: Jessica Shui and Shriya Murthy
17-03: Under What Circumstances do First-time Homebuyers Overpay? – An Empirical Analysis Using Mortgage and Appraisal Data: Jessica Shui and Shriya Murthy
17-02: Property Renovations and Their Impact on House Price Index Construction: Alexander Bogin and William Doerner
17-01: The Daily Microstructure of the Housing Market: Peter Chinloy and William Larson
16-04: Missing the Mark: House Price Index Accuracy and Mortgage Credit Modeling: Alexander Bogin, William Doerner and William Larson
16-03: Oil Prices and Urban Housing Demand: William Larson and Weihua Zhao
16-02: Local House Price Growth Accelerations: Alexander Bogin, William Doerner and William Larson
16-01: Local House Price Dynamics: New Indices and Stylized Facts: Alexander Bogin, William Doerner and William Larson
15-03: Additional Market Risk Shocks: Prepayment Uncertainty and Option-Adjusted Spreads: Alexander Bogin, Nataliya Polkovnichenko and William Doerner
15-02: The Marginal Effect of First-Time Homebuyer Status on Mortgage Default and Prepayment: Saty Patrabansh
15-01: How Low Can House Prices Go? Estimating a Conservative Lower Bound: Alexander Bogin, Stephen Bruestle and William Doerner
14-03: The Relationship between Second Liens, First Mortgage Outcomes, and Borrower Credit: 1996-2010: Andrew Leventis
14-02: The Effects of Monetary Policy on Mortgage Rates: Saty Patrabansh, William Doerner and Samuel Asin
14-01: Countercyclical Capital Regime Revisited: Test of Robustness: Scott Smith, Debra Fuller, Alexander Bogin, Nataliya Polkovnichenko and Jesse Weiher
13-03: Impacts of Down Payment Underwriting Standards on Loan Performance: Ken Lam, Robert Dunsky and Austin Kelly
13-02: Generating Historically-Based Stress Scenarios Using Parsimonious Factorization: Alexander Bogin and William Doerner
13-01: Distressed Sales and the FHFA House Price Index: William Doerner and Andrew Leventis
12-02: Countercyclical Capital Regime – A Proposed Design and Empirical Evaluation: Scott Smith and Jesse Weiher
12-01: Home Price Indexes for Homes in Different Price Tiers: Biases and Corrections: Andrew Leventis
11-02: Characteristics of “High Conforming Jumbo Mortgages”: Paul Manchester and Ian Keith
11-01: The HAMP NPV Model – Development and Early Performance: Steve Holden, Austin Kelly, Douglas McManus, Therese Scharlemann, Ryan Singer and John Worth
10-02: Automatic Recapitalization Alternatives: Robert Collender, Forrest Pafenberg and Robert Seiler
10-01: Estimating Median House Prices: Andrew Leventis
08-02: Enterprise Credit Default Swaps and Market Discipline – Preliminary Analysis: Robert Collender
08-01: Real Estate Futures Prices as Predictors of Price Trends: Andrew Leventis
07-05: Zero Down Payment Mortgage Default: Austin Kelly
07-04: Signals from the Markets for Fannie Mae and Freddie Mac Subordinated Debt: Robert Collender, Samantha Roberts and Valerie Smith
07-03: Subordinated Debt Issuance by Fannie Mae and Freddie Mac: Valerie Smith
07-02: Home Improvements and Appreciation Rates Reflected in the OFHEO House Price Index: Andrew Leventis
07-01: Securitized Jumbo Mortgages, 1986-2005: Everson Hull
06-01: Removing Appraisal Bias from a Repeat-Transactions House Price Index – A Basic Approach: Andrew Leventis
04-02: Measurement of the Bid-Ask Spread in Equity Option Markets: Michelle Danis
04-01: The Value of Foreclosed Property – House Prices, Foreclosure Laws, and Appraisals: Anthony Pennington-Cross
03-06: Earnings Management During Distinct Periods of Capital Demand – Evidence from Japanese Banks: Sumit Agarwal, Souphala Chomsisengphet, Chunlin Liu and S. Ghon Rhee
03-05: A Discrete Choice Approach to Measuring Competition in Equity Option Markets: Michelle Danis
03-04: Market Discipline of Fannie Mae and Freddie Mac: Robert Seiler
03-03: Aggregation Bias and the Repeat Sales Price Index: Anthony Pennington-Cross
03-02: Drawing Inferences about Housing Supply Elasticity from House Price Responses to Income Shocks: Michelle Harter-Dreiman
03-01: Subprime and Prime Mortgages – Loss Distributions: Anthony Pennington-Cross
02-02: Alternative Methods of Increasing the Precision of Weighted Repeat Sales House Prices Indices: Anthony Pennington-Cross and Michelle Dreiman
02-01: Patterns of Default and Prepayment for Prime and Nonprime Mortgages: Anthony Pennington-Cross