全球智库信息集成服务系统

Nonbanks originated about half of all mortgages in 2016, and 75% of mortgages insured by the FHA or VA. Both shares are much higher than those observed at any point in the 2000s. We describe in this paper how nonbank mortgage companies are vulnerable to liquidity pressures in both their loan origination and servicing activities, and we document that this sector in aggregate appears to have minimal resources to bring to bear in a stress scenario. We show how these exact same liquidity issues unfolded during the financial crisis, leading to the failure of many nonbank companies, requests for government assistance, and harm to consumers. The extremely high share of nonbank lenders in FHA and VA lending suggests that nonbank failures could be quite costly to the government, but this issue has received very little attention in the housing-reform debate.

Kim, You Suk, Steven M. Laufer, Karen Pence, Richard Stanton, and Nancy Wallace. 2018. “Liquidity crises in the mortgage market.” BPEA Conference Draft, Spring.

The authors did not receive financial support from any firm or person for this paper or from any firm or person with a financial or political interest in this paper. They are currently not officers, directors,or board members of any organization with an interest in this paper. In order to ensure the confidentiality of individual banks, the Federal Reserve Board’s Division of Supervision and Regulation reviewed the relevant portions of this paper before circulation. With the exception of the aforementioned, no outside party had the right to review this paper before circulation.The analysis and conclusions set forth are those of the authors and do not indicate concurrence by the Federal Reserve Board or other members of its staff.