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Abstract
Several government-sponsored enterprise (GSE) reform proposals aim to develop a market of competitive guarantors to replace the current duopoly of Fannie Mae and Freddie Mac, based on an underlying assumption that lack of competition was the primary structural flaw of the mortgage market. However, before reaching conclusions about the right market structure for mortgage guarantors, the characteristics of the mortgage market should be evaluated in a disciplined way. The authors assess the competitive structure of the mortgage market according to well-established economic principles that are further informed by recent successes and failures. They then use this framework to explore what structures actually have the best chance of meeting society’s goals.
TOPICS: MBS and residential mortgage loans, legal/regulatory/public policy
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