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Mortgage Pass‐Through Securities: Progress and Prospects

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  • David F. Seiders

Abstract

This paper discusses the Housing Commission's perspective and recommendations on mortgage pass‐through securities markets, reviews federal policy toward such securities in the wake of the Housing Commission Report, and considers prospects for mortgage securities in the housing finance system of the future. Concerning the outlook, it is concluded that massive “securitization” of housing finance may not be inevitable–contrary to the developing conventional wisdom on this topic–partly because the underlying need for secondary market transactions may not be as strong as commonly expected. Furthermore, the relative importance of pass‐through securities as secondary market vehicles may erode if federally related programs are phased down in line with Housing Commission recommendations, even if policies currently being developed within the Administration to improve the functioning of fully private securities markets are implemented.

Suggested Citation

  • David F. Seiders, 1983. "Mortgage Pass‐Through Securities: Progress and Prospects," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 11(2), pages 264-287, June.
  • Handle: RePEc:bla:reesec:v:11:y:1983:i:2:p:264-287
    DOI: 10.1111/1540-6229.00291
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    References listed on IDEAS

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    1. David F. Seiders, 1979. "The GNMA-guaranteed passthrough security: market development and implications for the growth and stability of home mortgage lending," Staff Studies 108, Board of Governors of the Federal Reserve System (U.S.).
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    Cited by:

    1. Edward J. Kane, 1984. "Change and Progress in Contemporary Mortgage Markets," NBER Working Papers 1478, National Bureau of Economic Research, Inc.
    2. Patric H. Hendershott & Herbert M. Kaufman (ary), 1992. "The market for home mortgage credit: recent changes and future prospects," Proceedings, Federal Reserve Bank of St. Louis, pages 99-127.
    3. Hendershott, Patric H. & Van Order, Robert, 1989. "Integration of mortgage and capital markets and the accumulation of residential capital," Regional Science and Urban Economics, Elsevier, vol. 19(2), pages 189-210, May.

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