An Econometric Approach to the FNMA Free Market System Auction
用计量方法分析FNMA通过FMS拍卖发行可选远期承诺的过程，帮助理解抵押贷款拍卖中的定价与分配机制。
Through the FMS auctions, FNMA issues optional forward commitments (four months) for the purchase of single-family mortgage loans from originating lenders. Basically, lenders offer to sell mortgages to FNMA at specified yields. FNMA then evaluates these offers, determines the amount of mortgages it will purchase (i.e., the yields it will accept), and then issues forward commitments to the successful bidders.