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Board of Governors of the Federal Reserve System
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Research and Statistics 

The Division of Research and Statistics is responsible for developing and presenting economic and financial data and analysis for the use of the Board, the Federal Open Market Committee, and other Federal Reserve System officials. This information serves as background for the formulation and conduct of monetary, regulatory, and supervisory policies. In addition, the division fosters a broader understanding of issues relating to economic policy by providing leadership in economic and statistical research and by supplying data and analyses for public release.

Real Estate Finance

The Real Estate Finance section analyzes current policy issues and conducts research on residential and commercial real estate finance, and studies households’ balance sheet decisions and their implications for real economic activity. The section also studies the markets and institutions that supply mortgage credit to households and businesses, including the mortgage-backed security (MBS) and commercial mortgage-backed security (CMBS) markets, and how these markets and institutions relate to macroeconomic and financial market developments. The section estimates and publishes the Mortgage Debt Outstanding (1.54) and Household Debt Service and Financial Obligations Ratios each quarter. This work supports the Division of Research and Statistics’ and the Board’s monetary policy, financial stability, macroprudential supervision, and rulemaking activities.

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Last update: November 23, 2015