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Volume 2014 - Number 7

February 21, 2014

Fed Researchers: Quantitative Easing Achieved The Goal of Lowering Yields on Agency MBS

Researchers at the Federal Reserve determined that, contrary to “the prevailing view in economics literature,” quantitative easing initiatives by the Fed over the past few years had an impact on the pricing and yields for agency MBS. In a new study, Fed analysts Diana Hancock and Wayne Passmore found that the central bank’s purchases of Treasury securities and agency MBS since 2008 lowered MBS yields and mortgage interest rates by more than what would have been suggested by changes in market expectations alone. Hancock and Passmore said...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.



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HUD has announced a 25 basis point cut in FHA premiums, which is slated to take effect in late January. Is your lending shop for or against a cut in FHA premiums?

For. It should help lending volumes.
Against. The private MI sector should take on this risk, not the government.
Too early to say.
I believe the new White House may scuttle the idea so it doesn’t matter.

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