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Conference Paper
Measuring the CRA subsidy in mortgage markets
Journal Article
1989 Fall Academic Conference
Journal Article
Wealth effects of bank holding company securities issuance and loan growth under the risk-based capital requirements
This paper tests a two-part hypothesis: first, that during the period between publication of the risk-based capital requirements in early 1989 and the end of 1992, bank holding companies (BHCs) faced a statistically significant decrease in stock returns if they issued new common stock; second, that this discouraged new common stock issuance and therefore, in effect, forced BHCs with Tier 1 and/or leverage capital-to-assets ratios below the regulatory minima to decrease loans outstanding more than did BHCs deficient only in their total capital ratios. Empirical evidence supporting both parts ...
Journal Article
FIRREA and the future of thrifts
Journal Article
Banking market structure in the West
Journal Article
Changes in the structure of urban banking markets in the West
This paper begins with a discussion of the influence of the number of firms and the variance of market shares on the Herfindahl-Hirschman Index (HHI) measure of market concentration. ; The paper then reports the changes in the number of depository institutions (DIs) and in the HHI in the Twelfth District and its 65 individual urban banking markets between 1982 and 1992, attributing these changes to underlying causes. I find that, although an increase in concentration need not accompany a decrease in firms, more than two-thirds of the 53 markets with DI decreases showed concentration ...
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
Mortgage prepayment: an avenue foreclosed?
When the housing boom of the past decade turned into a bust, falling house prices played a primary role in driving up delinquency and foreclosure rates. As housing values fell, distressed borrowers lost equity, which hindered their ability to escape delinquency by prepaying their mortgages by refinancing or selling their homes. Falling house prices may have especially impinged on subprime and adjustable-rate borrowers. These homeowners may have counted on being able eventually to refinance into loans with terms more affordable than those of their original mortgages.
Journal Article
Shared ATM networks: an uneasy alliance
Journal Article
Bank stock repurchases