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Author:Sparks, Roger 

Conference Paper
The effect of automated underwriting on adverse selection and on the profitability of mortgage securitization

Proceedings , Paper 562

Working Paper
An efficiency model of deposit pricing and rate rigidity

Finance and Economics Discussion Series , Paper 93-38

Working Paper
GSEs, mortgage rates, and the long-run effects of mortgage securitization

Our paper compares mortgage securitization undertaken by government-sponsored enterprises (GSEs) with that undertaken by private markets, with an emphasis on how each type of mortgage securitization affects mortgage rates. We build a model illustrating that market structure, government sponsorship, and the characteristics of the mortgages securitized are all important determinants of mortgage rates. We find that GSEs generally--but not always--lower mortgage rates, particularly when the GSEs behave competitively, because the GSEs' implicit government backing allows them to sell securities ...
Finance and Economics Discussion Series , Paper 2001-26

Working Paper
The effect of automated underwriting on the profitability of mortgage securitization

Over the past two years, many mortgage market analysts have praised automated underwriting as a technological innovation that will lower the costs of processing mortgage applications. However, automated underwriting is unlikely to decrease processing costs uniformly for all mortgage applications. Instead, it makes identifying and processing low-risk mortgage borrowers less costly, but may not significantly lower the costs of identifying and processing relatively high-risk applicants. Our results suggest that after the one-time cost reduction produced by automated underwriting, the resulting ...
Finance and Economics Discussion Series , Paper 1997-19

Working Paper
Credit scoring and mortgage securitization: do they lower mortgage rates?

This paper develops a model of the interactions between borrowers, originators, and a securitizer in primary and secondary mortgage markets. In the secondary market, the securitizer adds liquidity and plays a strategic game with mortgage originators. The securitizer sets the price at which it will purchase mortgages and the credit score standard that qualifies a mortgage for purchase. We investigate two potential links between securitization and mortgage rates. First, we analyze whether a portion of the liquidity premium gets passed on to borrowers in the form of a lower mortgage rate. ...
Finance and Economics Discussion Series , Paper 2000-44

Working Paper
Putting the squeeze on a market for lemons: government-sponsored mortgage securitization

Finance and Economics Discussion Series , Paper 95-13

Conference Paper
The simple microeconomics of government-sponsored enterprises

Proceedings , Paper 706

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