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Author:Evanoff, Douglas D. 

Working Paper
Market-based loss mitigation practices for troubled mortgages following the financial crisis

The meltdown in residential real-estate prices that commenced in 2006 resulted in unprecedented mortgage delinquency rates. Until mid-2009, lenders and servicers pursued their own individual loss mitigation practices without being significantly influenced by government intervention. Using a unique dataset that precisely identifies loss mitigation actions, we study these methods?liquidation, repayment plans, loan modification, and refinancing?and analyze their effectiveness. We show that the majority of delinquent mortgages do not enter any loss mitigation program or become a part of ...
Working Paper Series , Paper WP-2011-03

Journal Article
Financial industry deregulation in the 1980s

Economic Perspectives , Volume 9 , Issue Sep , Pages 3-5

Journal Article
The impact of geographic expansion in banking: some axioms to grind

Economic Perspectives , Volume 10 , Issue May , Pages 24-38

Journal Article
Subordinated debt as bank capital: a proposal for regulatory reform

Industry observes have proposed increasing the role of subordinated debt in bank capital requirements as a means to increase market discipline. A recent Federal Reserve System Task Force evaluated the characteristics of such proposals. Here, the authors take the next step and offer a specific sub-debt proposal. They describe how it would operate and what changes it would require in the regulatory framework.
Economic Perspectives , Volume 25 , Issue Q II , Pages 40-53

Asset price bubbles: What are the causes, consequences, and public policy options?

This article discusses how the global financial crisis has forced researchers and policymakers to reconsider their understanding of both the economics of asset price bubbles and alternative policy options to address them.
Chicago Fed Letter , Issue Nov

Working Paper
The role of securitization in mortgage renegotiation

We study the effects of securitization on renegotiation of distressed residential mortgages over the current financial crisis. Unlike prior studies, we employ unique data that directly observe lender renegotiation actions and cover more than 60% of the U.S. mortgage market. Exploiting within-servicer variation in these data, we find that bank-held loans are 26% to 36% more likely to be renegotiated than comparable securitized mortgages (4.2 to 5.7% in absolute terms). Also, modifications of bank-held loans are more efficient: conditional on a modification, bank-held loans have lower ...
Working Paper Series , Paper WP-2011-02

Conference Paper
Innovation in financial markets

Proceedings , Paper 272

Subordinated debt: the overlooked solution for banking

Chicago Fed Letter , Issue May

Journal Article
Payments system issues in financial markets that never sleep

Economic Perspectives , Volume 14 , Issue Nov , Pages 2-15

Working Paper
Technical change, regulation, and economies of scale for large commercial banks: an application of a modified version of Shephard's Lemma

Working Paper Series, Issues in Financial Regulation , Paper 89-11


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