Explaining Analytical Methods
- Report
The Role of Federal Home Loan Banks in the Financial System
CBO describes the role of Federal Home Loan Banks (a government-sponsored enterprise) in financial markets, their financial condition, the value of the federal subsidies they receive, and the risks they pose.
- Report
How the Military’s Basic Allowance for Housing Compares With Civilian Housing Costs
CBO compares the housing standards used to determine the military’s basic allowance for housing (BAH) with the housing rented by comparable civilians. CBO also compares BAH rates with the rental costs paid by those civilians.
- Report
Flood Damage and Federally Backed Mortgages in a Changing Climate
CBO estimates the flood damage homes with federally backed mortgages are expected to face in multiyear periods centered on 2020 and 2050, reflecting the effects of climate change. The agency also analyzes where that damage is concentrated.
- Report
Financial Commitments of Federal Credit and Insurance Programs, 2012 to 2021
CBO describes the commitments the federal government has made through its credit and insurance programs, including housing, real estate, and student loan programs, deposit insurance, insurance for private pensions, and flood and crop insurance.
- Working Paper
A Model for Pricing Federal Housing Finance Obligations: Working Paper 2022-06
This paper presents a risk-neutral approach that CBO uses to inform its estimates of the fair-value cost of mortgage obligations.
- Report
Ginnie Mae and the Securitization of Federally Guaranteed Mortgages
CBO describes the securitization programs of the Government National Mortgage Association (Ginnie Mae) and compares its baseline budget projections for Ginnie Mae with outcomes under a scenario of severe economic stress.
- Working Paper
How CBO Estimates the Market Risk of Federal Credit Programs: Working Paper 2021-14
This paper describes the methods and data that CBO uses to estimate the cost of market risk for three categories of federal credit programs: housing and real estate loans, student loans and other consumer loans, and commercial loans.
- Report
The Role of the Federal Housing Administration in the Reverse-Mortgage Market
In this report, CBO examines how FHA’s Home Equity Conversion Mortgage program works, how it affects the federal budget, and how various policy approaches might reduce costs and risks to the government or to borrowers.
- Report
Accounting for Fannie Mae and Freddie Mac in the Federal Budget
CBO examines how federal control affects the GSEs’ budgetary treatment and describes how different accounting approaches affect estimates of the costs of the GSEs and of potential policy changes.
- Report
How CBO Produces Fair-Value Estimates of the Cost of Federal Credit Programs: A Primer
In this primer, CBO discusses the methodological differences between the FCRA and fair-value approaches and how those differences affect estimates of the cost of federal credit programs.