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View Research by Author - Jun Zhu

Jun  Zhu


Senior Financial Methodologist
Metropolitan Housing and Communities Policy Center

Jun Zhu will be a full-time senior financial methodologist at the Institute. She will design and conduct quantitative studies of housing finance trends, challenges, and policy issues. Zhu earlier worked as a senior economist in the Office of the Chief Economist at Freddie Mac where she has conducted research on the mortgage and housing markets, including default and prepayment modeling. While at Freddie Mac, she also served as a consultant to the US Treasury on housing and mortgage modification issues. She obtained her PhD in real estate from University of Wisconsin-Madison in 2011.

Publications


Viewing 1-10 of 32. Most recent posts listed first.Next Page >>

Housing Finance At A Glance: A Monthly Chartbook: March 2015 (Fact Sheet / Data at a Glance)
Laurie Goodman, Ellen Seidman, Jim Parrott, Sheryl Pardo, Jun Zhu, Wei Li, Bing Bai, Karan Kaul, Taz George, Maia Woluchem, Alison Rincon

The March 2015 edition of At A Glance, the Housing Finance Policy Center’s reference guide for mortgage and housing market data, includes updated figures describing the size of the mortgage market, credit availability, and mortgage insurance issued by FHA, VA, and private insurers.

Posted to Web: March 18, 2015Publication Date: March 18, 2015

The Impact of Early Efforts to Clarify Mortgage Repurchases: Evidence from Freddie Mac and Fannie Mae's Newest Data (Research Report)
Laurie Goodman, Jim Parrott, Jun Zhu

In this brief, we examine data newly released by the GSEs (to support their risk-sharing transactions) to determine the size and scope of the mortgage repurchase problem and to analyze the impact of recent efforts toward clarity on mortgage repurchases. We conclude that there have been three significant impacts which should lead to greater lender certainty: Earlier due diligence, substantial clean-up of legacy loans and greater GSE consistency. This brief also reviews the specific actions taken over the past three years to address this concern.

Posted to Web: March 12, 2015Publication Date: March 13, 2015

Housing Finance At A Glance: A Monthly Chartbook: February 2015 (Fact Sheet / Data at a Glance)
Laurie Goodman, Ellen Seidman, Jim Parrott, Sheryl Pardo, Jun Zhu, Wei Li, Bing Bai, Karan Kaul, Taz George, Maia Woluchem, Alison Rincon

This month's edition of At A Glance, the Housing Finance Policy Center's reference guide for mortgage and housing market data, includes a special quarterly feature on GSE loan composition, repurchase rates, defaults, and loss severity.

Posted to Web: February 17, 2015Publication Date: February 17, 2015

Loss Severity on Residential Mortgages: Evidence from Freddie Mac's Newest Data (Policy Briefs)
Laurie Goodman, Jun Zhu

In this brief, new loan-level data recently released by Freddie Mac on more than 17 million single-family mortgages are analyzed to reveal a range of new and useful insights into the ultimate financial losses associated with a loan after it experiences a credit event. Conclusions described include mortgage insurance significantly lowers loss severities and the preset severity schedule currently in place is reasonable for loans with a loan-to-value (LTV) ratio of 60–80 but too high for deals backed by higher-LTV loans. We also find that small loans have higher severity than larger loans, that real-estate-owned (REO) sales have higher severity than short sales, and that there is no stable relationship between the state of origination and severity. Finally, we review the components of loss—liquidation value and expenses—and find that the latter contributes significantly to the ultimate loss.

Posted to Web: February 01, 2015Publication Date: February 01, 2015

Housing Finance At A Glance: A Monthly Chartbook : January 2015 (Fact Sheet / Data at a Glance)
Laurie Goodman, Ellen Seidman, Jim Parrott, Sheryl Pardo, Jun Zhu, Wei Li, Bing Bai, Karan Kaul, Taz George, Maia Woluchem, Alison Rincon

The January edition of At A Glance, the Housing Finance Policy Center’s reference guide for mortgage and housing market data, includes a comparison of FHA and conventional high-LTV lending fees, updated origination forecasts from the GSEs and MBA, and the latest measures of credit availability nationally and by metropolitan area.

Posted to Web: January 20, 2015Publication Date: January 20, 2015

Housing Finance At A Glance: A Monthly Chartbook : December 2014 (Fact Sheet / Data at a Glance)
Laurie Goodman, Ellen Seidman, Jim Parrott, Sheryl Pardo, Jun Zhu, Wei Li, Bing Bai, Taz George, Maia Woluchem, Alison Rincon

This month’s edition of At A Glance, the Housing Finance Policy Center’s reference guide for mortgage and housing market data, includes updated indicators of credit availability, a breakdown of the composition of the US Housing Market from the Federal Reserve Flow of Funds report, and details of the latest GSE risk-sharing deals.

Posted to Web: December 16, 2014Publication Date: December 16, 2014

Housing Finance At A Glance: A Monthly Chartbook : November 2014 (Fact Sheet / Data at a Glance)
Laurie Goodman, Ellen Seidman, Jim Parrott, Sheryl Pardo, Jun Zhu, Wei Li, Bing Bai, Taz George, Alison Rincon, Maia Woluchem

This month’s edition of At A Glance, the Housing Finance Policy Center’s reference guide for mortgage and housing market data, includes updated indicators related to credit availability and a special quarterly look at Fannie Mae’s and Freddie Mac’s loan composition, default rates, and repurchase activity.

Posted to Web: November 18, 2014Publication Date: November 18, 2014

Measuring Mortgage Credit Accessibility (Research Report)
Wei Li, Laurie Goodman, Ellen Seidman, Jim Parrott, Jun Zhu, Bing Bai

This paper provides a method of measuring credit accessibility that addresses several shortcomings of traditional methods. Credit accessibility is measured by calculating the demand-to-origination progression rate for low-credit-profile consumers. Using this improved measure, we explore several issues critical to credit accessibility including differences among demographic groups, changes over time and credit cycles, and the impact of government support for the single-family owner-occupied mortgage market.

Posted to Web: November 03, 2014Publication Date: November 03, 2014

Housing Finance At A Glance: A Monthly Chartbook : October 2014 (Fact Sheet / Data at a Glance)
Laurie Goodman, Ellen Seidman, Jim Parrott, Sheryl Pardo, Jun Zhu, Wei Li, Bing Bai, Taz George, Maia Woluchem, Alison Rincon

The October edition of At A Glance, HFPC’s reference guide for mortgage and housing market data, includes updated indicators related to credit availability, the state of the GSE portfolios, and the latest mortgage origination and housing market projections.

Posted to Web: October 22, 2014Publication Date: October 22, 2014

Assessing the Proposed Housing Goals (Commentary)
Jim Parrott, Laurie Goodman, Wei Li, Ellen Seidman, Jun Zhu

By establishing annual housing goals for mortgages purchased by Fannie Mae or Freddie Mac, the Federal Housing Finance Agency (FHFA) seeks to encourage lending to creditworthy borrowers with low incomes and those in traditionally underserved communities. Setting these goals requires FHFA to walk a fine line to meaningfully expand lending to all qualified applicants without encouraging lending to borrowers who cannot sustain mortgage payments. This commentary critiques the goals proposed by FHFA for 2015 - 2017, examining three central issues: How do the goals interact with other policy issues; Should the FHFA apply both benchmark (prospective) and market (retrospective) goals; and Did the FHFA set its benchmark goals appropriately?

Posted to Web: October 20, 2014Publication Date: October 20, 2014

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