Market Discipline of Fannie Mae and Freddie Mac

Robert Seiler
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Robert Seiler: Office of Federal Housing Enterprise Oversight

No 03-04, FHFA Staff Working Papers from Federal Housing Finance Agency

Abstract: There has been little empirical research assessing market discipline of Fannie Mae and Freddie Mac. A first step is to investigate how Enterprise share prices and debt yields respond to new information. This paper does so by examining the share prices of Fannie Mae and Freddie Mac and the spreads between the yields of each Enterprise’s noncallable senior debt and the yields of comparable-maturity Treasury debt (senior debt yield spreads) during the period from February 2000 through mid-June 2003.

Pages: 44 pages
Date: 2003-12
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:hfa:wpaper:03-04

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