Center for Financial Innovation and Stability

The purpose of the Center for Financial Innovation and Stability is to improve knowledge of financial innovation and financial stability as well as the connection between the two, especially as it pertains to Federal Reserve policymaking.


Features
The Role of Intermediary Competition in Government Interventions: The Case of HARP

The Role of Intermediary Competition in Government Interventions: The Case of HARP

The federal government, Fannie Mae, and Freddie Mac developed the Home Affordable Refinance Program (HARP) to help distressed mortgage borrowers. Notes from the Vault shows that HARP initially gave a competitive advantage to current servicers, which resulted in limited competition.
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Financing the Fed's Balance Sheet: Implications for the Treasury

Financing the Fed's Balance Sheet: Implications for the Treasury

The public discussion of the Federal Reserve's balance sheet has been focused on the asset side. Notes from the Vault provides a primer on liabilities and equity accounts, with an emphasis on the implication of funding alternatives for the Treasury's financial condition.
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