S. Wayne Passmore

Board of Governors of the Federal Reserve System

Senior Adviser

20th Street and Constitution Avenue NW

Washington, DC 20551

United States

  • Board of Governors of the Federal Reserve System

    • Email
    • Tel: 202-452-6432
    • Fax: 202-452-3819
SCHOLARLY PAPERS

32

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Scholarly Papers (32)

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1.

Credit Scoring and Mortgage Securitization: Implications for Mortgage Rates and Credit Availability

Downloads 890 ( 36,969)

Credit Scoring and Mortgage Securitization: Implications for Mortgage Rates and Credit Availability

Number of pages: 39 Posted: 13 Dec 2000
Andrea J. Heuson, S. Wayne Passmore and Roger Sparks
University of Miami - Department of Finance, Board of Governors of the Federal Reserve System and Mills College
Downloads 890 (36,447)
Citation 16

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Credit Scoring and Mortgage Securitization: Implications for Mortgage Rates and Credit Availability

Posted: 10 May 2002
Andrea J. Heuson, S. Wayne Passmore and Roger Sparks
University of Miami - Department of Finance, Board of Governors of the Federal Reserve System and Mills College

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mortgage securitization, secondary mortgage markets

2.

Gses, Mortgage Rates, and the Long-Run Effects of Mortgage Securitization

Downloads 680 ( 53,158)
Citation 28

Gses, Mortgage Rates, and the Long-Run Effects of Mortgage Securitization

Number of pages: 34 Posted: 23 Jul 2001
S. Wayne Passmore, Roger Sparks and Jamie C. Ingpen
Board of Governors of the Federal Reserve System, Mills College and affiliation not provided to SSRN
Downloads 680 (52,460)
Citation 28

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GSEs, Fannie Mae, Freddie Mac, Mortgage, Securitization

Gses, Mortgage Rates, and the Long-Run Effects of Mortgage Securitization

Posted: 23 May 2002
S. Wayne Passmore, Roger Sparks and Jamie C. Ingpen
Board of Governors of the Federal Reserve System, Mills College and affiliation not provided to SSRN

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mortgages, government-sponsored enterprises, GSEs, mortgage-bakced securities, Fannie Mae, Freddie Mac, conforming mortgages, jumbo mortgages, securitization

3.

The Effect of Automated Underwriting on the Profitability of Mortgage Securitization

97-19
Number of pages: 27 Posted: 22 Jul 1997
S. Wayne Passmore and Roger Sparks
Board of Governors of the Federal Reserve System and Mills College
Downloads 335 (124,212)
Citation 5

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4.

Gses, Mortgage Rates, and Secondary Market Activities

Downloads 330 (126,293)
Citation 12

Gses, Mortgage Rates, and Secondary Market Activities

FEDS Working Paper No. 2006-30
Posted: 02 Jul 2021 Last Revised: 01 Jul 2021
Andreas Lehnert, S. Wayne Passmore and Shane M. Sherlund
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

Abstract:

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Gses, Mortgage Rates, and Secondary Market Activities

FEDS Working Paper No. 2005-7
Posted: 02 Jul 2021 Last Revised: 01 Jul 2021
Andreas Lehnert, S. Wayne Passmore and Shane M. Sherlund
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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Gses, Mortgage Rates, and Secondary Market Activities

FEDS Working Paper No. 2005-07; FEDS Working Paper No. 2006-30
Number of pages: 66 Posted: 01 Feb 2005
Andreas Lehnert, S. Wayne Passmore and Shane M. Sherlund
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 330 (125,574)
Citation 12

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Mortgage finance, government-sponsored enterprises, financial stability

GSEs, Mortgage Rates, and Secondary Market Activities

Journal of Real Estate Finance and Economics, Vol. 36, No. 3, 2008
Posted: 20 Oct 2007 Last Revised: 18 Aug 2009
Andreas Lehnert, Shane M. Sherlund and S. Wayne Passmore
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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mortgage finance, government-sponsored enterprises, financial stability

5.

Bank Core Deposits and the Mitigation of Monetary Policy

FEDS Working 2007-65
Number of pages: 46 Posted: 17 Jul 2008
Lamont Black, Diana Hancock and S. Wayne Passmore
DePaul University - Driehaus College of Business, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 272 (154,848)
Citation 8

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Bank channel, monetary policy, banks, core deposits, relationship lending, interest rates

6.

Federal Home Loan Bank Advances and Commercial Bank Portfolio Composition

FRB of Atlanta Working Paper No. 2007-17, FEDS Working Paper No. 2007-31
Number of pages: 56 Posted: 01 Aug 2007
W. Scott Frame, Diana Hancock and S. Wayne Passmore
Federal Reserve Bank of Dallas, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 262 (160,213)
Citation 7

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advances, government-sponsored enterprises, GSE, portfolio shocks, panel VAR

7.

How the Federal Reserve's Large-Scale Asset Purchases (LSAPs) Influence Mortgage-Backed Securities (MBS) Yields and U.S. Mortgage Rates

FEDS Working Paper No. 2014-12
Number of pages: 44 Posted: 07 Feb 2014
Diana Hancock and S. Wayne Passmore
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 250 (167,827)
Citation 9

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Monetary policy, QE1, QE2, QE3, LSAP, MBS, mortgages

8.

The Gse Implicit Subsidy and the Value of Government Ambiguity

Number of pages: 29 Posted: 01 Feb 2005
S. Wayne Passmore
Board of Governors of the Federal Reserve System
Downloads 224 (186,299)
Citation 9

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Fannie Mae, Freddie Mac, GSEs, mortgages, subsidies, housing, mortgage rates, securitization

9.

The Community Reinvestment Act and the Profitability of Mortgage-Oriented Banks

Number of pages: 31 Posted: 19 May 1997
Glenn B. Canner and S. Wayne Passmore
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 209 (198,881)
Citation 4

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10.

The Effect of Housing Government-Sponsored Enterprises on Mortgage Rates

Downloads 207 (200,652)
Citation 19

The Effect of Housing Government-Sponsored Enterprises on Mortgage Rates

FEDS Working Paper No. 2005-6
Posted: 06 Jul 2021 Last Revised: 03 Jul 2021
Gillian Burgess, S. Wayne Passmore and Shane M. Sherlund
affiliation not provided to SSRN, Board of Governors of the Federal Reserve System and affiliation not provided to SSRN

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The Effect of Housing Government-Sponsored Enterprises on Mortgage Rates

Number of pages: 44 Posted: 01 Feb 2005
S. Wayne Passmore, Shane M. Sherlund and Gillian Burgess
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and NYU School of Law
Downloads 207 (200,472)
Citation 19

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Fannie Mae, Freddie Mac, GSEs, mortgages, MBS, securitization, mortgage rates

11.

The Banking Industry and the Safety Net Subsidy

Downloads 190 (216,847)

The Banking Industry and the Safety Net Subsidy

FEDS Working Paper No. 1999-34
Posted: 02 Jul 2021
Andreas Lehnert and S. Wayne Passmore
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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The Banking Industry and the Safety Net Subsidy

Number of pages: 33 Posted: 14 Dec 1999
Andreas Lehnert and S. Wayne Passmore
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 190 (216,737)

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12.

An Analysis of Government Guarantees and the Functioning of Asset-Backed Securities Markets

FEDS Working Paper No. 2010-46
Number of pages: 46 Posted: 27 Jul 2011
Diana Hancock and S. Wayne Passmore
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 170 (238,472)
Citation 6

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Fannie Mae (FNM), Freddie Mac (FRE), Mortgage-Backed Securities (MBS), Government-Sponsored Enterprises (GSE), Asset-Backed Securities (ABS), financial crisis, catastrophic risk

13.

Does the Community Reinvestment Act (Cra) Cause Banks to Provide a Subsidy to Some Mortgage Borrowers?

Downloads 142 (276,392)
Citation 1

Does the Community Reinvestment Act (Cra) Cause Banks to Provide a Subsidy to Some Mortgage Borrowers?

FEDS Working Paper No. 2002-19
Posted: 02 Jul 2021
Glenn B. Canner, Elizabeth Laderman, Andreas Lehnert and S. Wayne Passmore
Board of Governors of the Federal Reserve System, Federal Reserve Bank of San Francisco, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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Does the Community Reinvestment Act (Cra) Cause Banks to Provide a Subsidy to Some Mortgage Borrowers?

Number of pages: 86 Posted: 24 Apr 2002
Andreas Lehnert, Glenn B. Canner, Elizabeth Laderman and S. Wayne Passmore
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Federal Reserve Bank of San Francisco and Board of Governors of the Federal Reserve System
Downloads 142 (277,350)
Citation 1

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Community Reinvestment Act, mortgages, bank regulation

14.

Are Basel's Capital Surcharges for Global Systemically Important Banks Too Small?

Downloads 128 (299,230)
Citation 4

Are Basel's Capital Surcharges for Global Systemically Important Banks Too Small?

FEDS Working Paper No. 2017-021
Number of pages: 58 Posted: 01 Mar 2017
S. Wayne Passmore and Alexander von Hafften
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 128 (300,493)
Citation 4

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Basel III, G-SIBs, G-SIFIs, Bank capital, Bank equity, Bank regulation, Banks

Are Basel's Capital Surcharges for Global Systemically Important Banks Too Small?

FEDS Notes No. 2017-02-27-1 https://doi.org/10.17016/2380-7172.1859
Posted: 14 Oct 2017
S. Wayne Passmore and Alexander von Hafften
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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15.

The Bank Lending Channel of Monetary Policy and its Effect on Mortgage Lending

FEDS Working Paper No. 2010-39
Number of pages: 44 Posted: 27 Jul 2011
Lamont Black, Diana Hancock and S. Wayne Passmore
DePaul University - Driehaus College of Business, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 104 (346,231)
Citation 10

Abstract:

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Bank lending channel, monetary policy, depository institutions, mortgages

16.

The Federal Reserve's Portfolio and its Effects on Mortgage Markets

FEDS Working Paper No. 2012-22
Number of pages: 32 Posted: 10 May 2012
Diana Hancock and S. Wayne Passmore
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 99 (357,582)
Citation 5

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QE1, QE2, Federal Reserve, MBS, mortgage, interest rates, mortgage rate

17.

Improving the 30-Year Fixed-Rate Mortgage

FEDS Working Paper No. 2017-090
Number of pages: 77 Posted: 07 Sep 2017
S. Wayne Passmore and Alexander von Hafften
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 69 (441,868)

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COFI, Cost of funds, Financial institutions, Fixed-rate mortgage, Homeownership, Interest rates, Mortgages and credit

18.

Did the Federal Reserve’s MBS Purchase Program Lower Mortgage Rates?

FEDS Working Paper No. 2011-01
Number of pages: 62 Posted: 10 Nov 2011
Diana Hancock and S. Wayne Passmore
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 63 (462,807)
Citation 47

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Federal Reserve, mortgage-backed securities, MBS, mortgage rate, quantitative easing

19.

FHA, Fannie Mae, Freddie Mac, and the Great Recession

FEDS Working Paper No. 2016-31
Number of pages: 47 Posted: 25 Apr 2016 Last Revised: 01 Jul 2017
S. Wayne Passmore and Shane M. Sherlund
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 56 (489,402)
Citation 2

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20.

Financing Affordable and Sustainable Homeownership with Fixed-Cofi Mortgages

FEDS Working Paper No. 2018-9
Number of pages: 54 Posted: 08 Feb 2018 Last Revised: 29 Apr 2020
S. Wayne Passmore and Alexander von Hafften
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 36 (582,404)
Citation 3

Abstract:

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down payment, COFI, Fixed-rate mortgage, Cost of funds, Homeownership, Interest rates, Mortgage

21.

The FHA and the GSEs as Countercyclical Tools in the Mortgage Markets

Economic Policy Review, Vol. 24, No. 3, 2018
Number of pages: 13 Posted: 10 Dec 2018
S. Wayne Passmore and Shane M. Sherlund
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 30 (616,951)
Citation 2

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financial crisis, Great Recession, mortgages, government policy

22.

GSE Guarantees, Financial Stability, and Home Equity Accumulation

Economic Policy Review, Vol. 24, No. 3, 2018
Number of pages: 17 Posted: 10 Dec 2018
S. Wayne Passmore and Alexander von Hafften
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 27 (636,019)
Citation 3

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mortgage, government, government-sponsored enterprise, guarantee, cost of funds, financial stability

23.

Investor Demands for Safety, Bank Capital, and Liquidity Measurement

FEDS Working Paper No. 2020-079
Number of pages: 45 Posted: 28 Sep 2020
S. Wayne Passmore and Judit Temesvary
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 20 (686,326)

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Safe assets, Bank liquidity, Liquidity regulation, Capitalization, Bank balance sheet management

24.

How Does the Federal Reserve's Large‐Scale Asset Purchases (LSAPs) Influence Mortgage‐Backed Securities (MBS) Yields and U.S. Mortgage Rates?

Real Estate Economics, Vol. 43, Issue 4, pp. 855-890, 2015
Number of pages: 36 Posted: 26 Oct 2015
Diana Hancock and S. Wayne Passmore
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 1 (860,716)

Abstract:

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25.

The Competitive Effects of Risk-Based Bank Capital Regulation: An Example from U.S. Mortgage Markets

FEDS Working Paper No. 2006-46
Posted: 02 Jul 2021 Last Revised: 01 Jul 2021
Diana Hancock, Andreas Lehnert, S. Wayne Passmore and Shane M. Sherlund
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

Abstract:

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26.

The Stability of Safe Asset Production

FEDS Notes No. 2020-11-09-3 https://doi.org/10.17016/2380-7172.2787
Posted: 02 Dec 2020
Sara Almadani, Michael Batty, Danielle Nemschoff and S. Wayne Passmore
Independent, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

Abstract:

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27.

Government-Backed Mortgage Insurance Promoted a Speedier Recovery from the Great Recession

FEDS Notes No. 2016-04-12 http://dx.doi.org/10.17016/2380-7172.1742
Posted: 01 Apr 2016
Shane Sherlund and S. Wayne Passmore
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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28.

Pricing Systemic Crises: Monetary and Fiscal Policy When Savers are Uncertain

Downloads 0 (878,872)

Pricing Systemic Crises: Monetary and Fiscal Policy When Savers are Uncertain

FEDS Working Paper No. 1999-33
Posted: 02 Jul 2021
Andreas Lehnert and S. Wayne Passmore
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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Pricing Systemic Crises: Monetary and Fiscal Policy When Savers are Uncertain

Posted: 14 Dec 1999
Andreas Lehnert and S. Wayne Passmore
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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29.

Optimal Bank Portfolios and the Credit Crunch

Posted: 10 Sep 1999
S. Wayne Passmore and Steven A. Sharpe
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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30.

Is Mortgage Lending by Savings Associations Special?

Posted: 06 Oct 1998
S. Wayne Passmore and Elizabeth Laderman
Board of Governors of the Federal Reserve System and Federal Reserve Bank of San Francisco

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31.

The Subsidy Provided by the Federal Safety Net: Theory, Measurement and Containment

Posted: 02 Apr 1998
Myron L. Kwast and S. Wayne Passmore
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

Abstract:

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32.

Putting the Squeeze on a Market for Lemons: Government- Sponsored Mortgage Securitization

Downloads 0 (878,872)

Putting the Squeeze on a Market for Lemons: Government- Sponsored Mortgage Securitization

J. OF REAL ESTATE FINANCE AND ECONOMICS, Vol. 13 No. 2
Posted: 28 Feb 1997
S. Wayne Passmore and Roger Sparks
Board of Governors of the Federal Reserve System and Mills College

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Putting the Squeeze on a Market for Lemons: Government- Sponsored Mortgage Securitization

Posted: 17 Aug 1995
S. Wayne Passmore and Roger Sparks
Board of Governors of the Federal Reserve System and Mills College

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