Federal Reserve Bank of New York Economic Policy Review

Publication covering business, finance, and economic issues.

Articles from November

Housing Busts and Household Mobility: An Update
1. INTRODUCTION A long literature on housing economics has noted that a rise in mortgage rates could "lock-in" an owner to his or her current house, thereby slowing or preventing a permanent move to a new residence if mortgage interest rates rise...
Key Mechanics of the U.S. Tri-Party Repo Market
1. INTRODUCTION During the financial crisis of 2007-09, particularly around the time of the Bear Stearns and Lehman Brothers failures, it became apparent that weaknesses existed in the design of the U.S. tri-party repo market, used by major broker-dealers...
The Federal Reserve's Term Asset-Backed Securities Loan Facility
1. INTRODUCTION In the fall of 2008, investors stopped participating in securitization markets. They fled not only the residential mortgage-backed securities that triggered the financial crisis, but also consumer and business asset-backed securities...
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