About
- Gordon Y Billard Associate Professor of Management and Finance
- Director of the Division of Trading and Markets at the U.S. Securities and Exchange Commission (2021-2024)
- Member, Federal Reserve Bank of Chicago Financial Stability Advisory Council (2025-Present)
- Research Associate, National Bureau of Economic Research
Voting History
Question A:Some major private credit funds - including those offered by BlackRock, Cliffwater and Morgan Stanley - have maintained their redemption limits, not fully filling all investor requests.
The enforcement of restrictions on withdrawals from private credit funds predicts that the funds will substantially underperform indices of liquid high-yield corporate bonds over the next 18 months.
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Question B: Assets in the private credit funds that are restricting withdrawals are substantially overvalued relative to their true market value.
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Interest-bearing stablecoins, either via direct issuer payments or exchange-provided rewards, would measurably erode the deposit franchise of banks in developed-market economies.
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Question A: Having the government-sponsored housing agencies Fannie Mae and Freddie Mac buy $200 billion in mortgage-backed securities would reduce mortgage rates by more than 25 basis points.
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Comment: In the past, the Federal Reserve’s quantitative easing on agency MBS was for much larger quantities (over $1 trillion). $200 bn is not an large amount for the agency MBS market.
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Question B: Having the government-sponsored housing agencies Fannie Mae and Freddie Mac buy $200 billion in mortgage-backed securities would measurably improve the affordability of home ownership.
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Comment: MBS purchases can at best reduce the mortgage rate. A lower financing cost can increase house prices, which does not help affordability.
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Question C: Restrictions on large institutional investors buying single-family homes would measurably improve the affordability of home ownership.
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Comment: The housing affordability problem is fundamental due to a supply/demand imbalance. In the short run, a restriction on institutional ownership of single family homes takes some demand out of the market and gives young families a better chance to buy homes.
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