Federal Home Loan Mortgage Corporation

This paper is the first to directly estimate the determinants of differences in premiums received by public and private sellers in the market for bank branches (deposit bases). Deposit premiums received in private sector transactions exceeded those received by the FDIC and the RTC, even afier controlling for known characteristics of the transactions and afier corrections for possible sample selection bias. The observed differentialdisappeared by 1992, suggesting improved market efficiencyand/or the impact of FDICIA (1991), which mandated “least-cost ” resolution procedures for failed institutions. Additionally,the evidence suggests that bank branches are Independent Value Objects whose auctions always result in “unintended ” transfers of value to the winning bidders. This result, while consistent with previous literature that found positive Cumulative Abnormal Returns to the winners of auctions for the branches of failed banks, nevertheless suggests that not all of the positive CARScan be due to market ineticiency

Discrimination, Competition, And Loan Performance In Fha Mortgage Lending

This study tests for the presence of prejudicial or "noneconomic" discrimination on the part of mortgage lenders by evaluating the performance of home mortgage loans. The approach differs from that of previous studies of loan performance in that it is based on the proposition that noneconomic discrimination should be more pronounced in less competitive lending environments, while statistical discrimination should not. Using a rich set of FHA-insured loan records and measures of local market concentration to proxy the competitive environment, we test for the prediction of better loan performance by minority borrowers relative to white borrowers in more concentrated markets. We argue that this approach substantially reduces the potential for omitted-variable bias that has cast a shadow on previous studies of lending discrimination. Results fail to reject the null hypothesis of no noneconomic discrimination. © 1998 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology

A comparison of car ownership models

In this paper, car ownership models that can be found in the literature (with a focus on the recent literature and on models developed for transport planning) are classified into a number of model types. The different model types are compared on a number of criteria: inclusion of demand and supply side of the car market, level of aggregation, dynamic or static model, long-run or short-run forecasts, theoretical background, inclusion of car use, data requirements, treatment of business cars, car type segmentation, inclusion of income, of fixed and/or variable car cost, of car quality aspects, of licence holding, of socio-demographic variables and of attitudinal variables, and treatment of scrappage