|Present||Associate Professor, Dept. of Finance, DePaul University|
|Present||St. Vincent de Paul Professor, DePaul University|
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FNMA Mortgage Commitments as Put Options: An Empirical Examination
Journal of the American Real Estate and Urban Ecomonics Association (1985)
The Federal National Mortgage Association (FNMA) auctions commitments to purchase mortgages. An examination of the terms of the commitment contract ...