Integration of Mortgage and Capital Markets and the Accumulation of Residential Capital
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The securitization of fixed-rate mortgages suggests that the FRA/VA market was fully integrated with capital markets by the early l98Os and that the conventional market moved toward integration during the l98Os. Assuming full integration of FHA/VA5 via the GNMA securitization process, we first
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美国国家经济研究局创建时间：
1989-02-01
