Government Sponsored Enterprises and Resource Allocation: With Some Implications for Urban Economies

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dc.contributor.author Van Order, Robert
dc.date.accessioned 2007-07-23T22:35:09Z
dc.date.available 2007-07-23T22:35:09Z
dc.date.issued 2007-01
dc.identifier 1085 en_US
dc.identifier.uri http://hdl.handle.net/2027.42/55303
dc.description.abstract About half of the money that finances housing in the U.S comes from three government-related “Agencies:” two government-sponsored enterprises (GSEs): Fannie Mae and Freddie Mac, and a government owned enterprise, Ginnie Mae, that buy mortgages and securitize them and sell the securities or debt backed by mortgages (or mortgage-backed securities) in the bond markets. The purpose of this paper is to analyze Fannie Mae and Freddie Mac and their role in the mortgage market and effects on resource allocation and urban economies. A central point of the paper is that the problem is essentially a “second best” one because of the presence of multiple guarantees and subsidies in the mortgage market. The two agencies may well lead to too much housing but they may also be the most efficient (relatively to banks, which also have guarantees and subsidies) way of funding mortgages. en_US
dc.format.extent 303152 bytes
dc.format.mimetype application/pdf
dc.subject Government Sponsored Enterprises, Mortgages, Mortgage-backed Securities en_US
dc.subject.classification Finance en_US
dc.title Government Sponsored Enterprises and Resource Allocation: With Some Implications for Urban Economies en_US
dc.type Working Paper en_US
dc.subject.hlbsecondlevel Economics en_US
dc.subject.hlbtoplevel Business en_US
dc.contributor.affiliationum Ross School of Business en_US
dc.contributor.affiliationumcampus Ann Arbor
dc.description.bitstreamurl http://deepblue.lib.umich.edu/bitstream/2027.42/55303/1/1085-VanOrder.pdf en_US
dc.owningcollname Business, Stephen M. Ross School of - Working Papers Series
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