改变政府资助企业贷款担保的范围:估计对抵押贷款定价和可用性的影响

Alexei Alexandrov, Thomas S. Conkling, Sergei Koulayev
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引用次数: 0

摘要

利用抵押贷款数据集的新组合,我们分析了两种政策杠杆对房利美和房地美(政府支持企业,GSEs)参与美国住房抵押贷款市场的影响。首先,我们发现,gse收取的抵押担保费用的微小变化基本上完全转嫁给了消费者,对抵押贷款需求的影响有限。这意味着,小额费用变化主要是抵押贷款消费者和纳税人之间的转移,而两家gse仍在联邦政府的监管之下。其次,数据表明,略微降低最大合格贷款规模限制将导致最受影响的消费者将其贷款金额减少到新的最大值。我们的研究结果为GSE政策如何影响抵押贷款的可用性提供了新的详细证据,并对比了两种潜在政策杠杆对消费者的不同影响,以减少(或增加)GSE贷款的范围。其他调查数据表明,借款人的购物行为和信息不完整也可能影响GSE政策变化的效果。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Changing the Scope of GSE Loan Guarantees: Estimating Effects on Mortgage Pricing and Availability

Changing the Scope of GSE Loan Guarantees: Estimating Effects on Mortgage Pricing and Availability

Using a novel combination of mortgage datasets, we analyze the effects of two policy levers influencing the scope of Fannie Mae and Freddie Mac’s (Government-Sponsored Enterprises, GSEs) involvement in the U.S. residential mortgage market. First, we find that small changes in mortgage guarantee fees charged by the GSEs were essentially fully passed through to consumers, with limited effects on mortgage demand. This implies that small fee changes are primarily transfers between mortgage consumers and taxpayers while the GSEs remain in federal conservatorship. Second, the data suggest that marginally lowering maximum conforming loan size limits would cause most affected consumers to reduce their loan amounts to the new maximum. Our findings provide new detailed evidence on how GSE policy shapes mortgage availability and contrast the differing effects on consumers of two potential policy levers to reduce (or increase) the scope of GSE lending. Additional survey data indicate that borrowers’ shopping behavior and incomplete information may also influence the effects of GSE policy changes.

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