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Journal Article
The changing role of the prime rate
Journal Article
The rhyme and reason of bank mergers
Journal Article
Risks in the swaps market
Working Paper
Mortgage loan securitization and relative loan performance
We compare the ex ante observable risk characteristics and the default rates of securitized mortgage loans and mortgage loans retained by the original lender. We find that privately securitized loans tend to be riskier and to default at a faster rate than loans securitized with the GSEs and lender-retained loans. However, the differences in default rates across investor types are of secondary importance for explaining mortgage defaults compared to more conventional predictors, such as original loan-to-value ratios and the path for house prices. Privately securitized home mortgages have ...
Journal Article
The shrinking of Japanese branch business lending in California
Journal Article
Banking market structure in the West
Journal Article
What's behind problem credit card loans?
Working Paper
The untold costs of subprime lending: examining the links among higher-priced lending, foreclosures and race in California
This paper explores the relationship between race, subprime lending, and foreclosure in California in an effort to understand what happened during the subprime lending boom. The paper finds that communities of color have been disproportionately affected by the foreclosure crisis, and that these disparities stem from a series of complicated and interrelated factors, including borrower credit profiles, the ?boom and bust? housing market, and rising unemployment. However, the paper also shows that Blacks and Hispanics in California had access to very different mortgage markets, and that mortgage ...
Journal Article
Risk-based capital requirements and loan growth
Journal Article
Western banks and derivatives