Summer Intern, Supervision Regulation & Credit, Mortgage Repayment

What You Will Do:

The project aims to assess the degree to which fixed rate mortgage (FRM) monthly payments vary within the same contract. While principal and interest are fixed, other costs such as property taxes vary during the life of a mortgage. Then, we ask how payment changes affect incentives for homeownership and credit outcomes.

The intern will use ICE McDash data on mortgages to create an index to track monthly payment growth within each FRM contract. Descriptive analysis would include comparing the dynamics of fixed rate payment growth to other indicators of housing monthly costs (e.g. rent indices and changes in monthly payments for adjustable-rate mortgages). Trends analysis would also test for correlations between within-contract monthly cost growth and business cycle and interest rate environment at origination.

Pending the results of the descriptive analysis and the available time in the internship, we would also assess how changes in monthly FRM housing costs affect household credit outcomes (including mortgage performance and credit utilization). Lastly, the intern may assist on relating the findings to existing economic models of the costs and benefits of homeownership.

What You Have

A master's or PhD student pursuing a degree related to Economics or Finance. Other fields related to the ones listed are also encouraged to apply.

Required Skills:

• Proficient in at least one statistical programming languages such as Stata, SAS, R, and Python
• Understanding of econometric methods, including OLS, fixed effects, and instrumental variables estimators

Preferred Competencies:

• Effective verbal and written communication skills

• Strong problem-solving skills with the ability to know when to ask for help

• Attention to detail is needed to make sure that the data work has been performed correctly

• Organizational skills to annotate and document their work such that others can pick up where the project left off

• Ability to work well independently with little supervision, the project manager will be available to assist

• Strong presentation and communication skills to share what they have completed concisely and effectively

Additional Information:

The Federal Reserve Bank of Philadelphia takes your information privacy seriously. Federal Reserve Bank of Philadelphia staff will only email you from the "@phil.frb.org" domain or through the Workday system "rb@myworkday.com". If you are initially contacted by phone, feel free to request that the caller provide you with their email address to validate their identity. If you have any questions about the validity of someone who contacts you regarding this position, please email the Talent Acquisition team at TalentAcquisition@phil.frb.org.

We are an equal opportunity employer committed to hiring the best candidates and to providing equal employment opportunity to all persons without regard to race, color, religion, sex, pregnancy, national origin, age, genetic information, disability, military service, or any other basis protected by law.

We will ensure that individuals with disabilities are provided reasonable accommodations to participate in the job application or interview process, to perform essential job responsibilities, and to receive other benefits and privileges of employment. If you need assistance or an accommodation due to a disability, please email us at TalentAcquisition@phil.frb.org.

All Federal Reserve Bank of Philadelphia employees must comply with the Bank's ethics rules, which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the Recruiter for this posting, who can provide you contact information for our ethics officer if necessary. You should review the

Bank's Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.

You will be required to complete a background investigation including drug testing as a condition of employment, after the job offer is made. Candidates for positions deemed as "safety sensitive" will also be drug screened for the presence of marijuana. Any hiring decision based on a background investigation will be made following an individualized assessment that is job-related and consistent with business necessity and applicable law. Employment may not begin until the Bank accepts the results of the background investigation.

All employees will be subject to FBI fingerprint / criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.

Certain eligibility rules apply. You will provide work authorization to prove your eligibility to work in the United States.

The above statements are intended to describe the general nature, level of work and the requirements of this position. They are not intended to be an exhaustive list of all responsibilities associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.

By applying to this position, you agree you will be available to work on-site in a full-time capacity.

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Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.

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