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Journal Article
Securitization: more than just a regulatory artifact
Samolyk, Katherine A.; Carlstrom, Charles T. (1992-05)
An exploration of the recent boom in asset-backed lending, or securitization, by both financial institutions and nonbank firms, which the authors contend is more the result of improvements in information technology than a response to the regulatory costs of traditional bank funding.
Economic Commentary , Issue May

Journal Article
The Federal Reserve’s Term Asset-Backed Securities Loan Facility
Ashcraft, Adam B.; Pozsar, Zoltan; Malz, Allan M. (2012-11)
The securitization markets for consumer and business asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS), which supply a substantial share of credit to consumers and small businesses, came to a near-complete halt in the fall of 2008, as investors responded to a drastic decline in funding liquidity by curtailing their participation in these markets. In response, the Federal Reserve introduced the TALF program, which extended term loans collateralized by securities to buyers of certain high-quality ABS and CMBS, as part of a broad array of emergency liquidity measures ...
Economic Policy Review , Volume 18 , Issue Nov , Pages 29-66

Journal Article
Asset securitization: a supervisory perspective
Boemio, Thomas R.; Edwards, Gerald A. (1989-10)
Federal Reserve Bulletin , Issue Oct , Pages 659-669

Journal Article
Taxpayer risk in mortgage policy
Martin, Deborah L.; Pozdena, Randall (1991)
FRBSF Economic Letter

Speech
What the Fed did and why
Tracy, Joseph (2010)
Remarks at the Westchester County Bankers Association, Tarrytown, New York.
Speech , Paper 27

Working Paper
ABS inflows to the United States and the global financial crisis
Bertaut, Carol C.; DeMarco, Laurie; Kamin, Steven B.; Tryon, Ralph W. (2011)
The "global saving glut" (GSG) hypothesis argues that the surge in capital inflows from emerging market economies to the United States led to significant declines in long-term interest rates in the United States and other industrial economies. In turn, these lower interest rates, when combined with both innovations and deficiencies of the U.S. credit market, are believed to have contributed to the U.S. housing bubble and to the buildup in financial vulnerabilities that led to the financial crisis. Because the GSG countries for the most part restricted their U.S. purchases to Treasuries and ...
International Finance Discussion Papers , Paper 1028

Journal Article
Securitization and banking
Pozdena, Randall (1986)
FRBSF Economic Letter

Journal Article
The asset-backed securities markets, the crisis and TALF
Agarwal, Sumit; De Nardi, Mariacristina; Barrett, Jacqueline; Cun, Crystal (2010-10)
The authors explain the role of asset-backed securities markets in generating credit and liquidity and how this role was disrupted during the financial crisis. They discuss the implementation of the Term Asset-Backed Securities Loan Facility (TALF) and argue that this program helped reestablish the ABS markets and the credit supply. and the reversion to a stable fiscal regime.
Economic Perspectives , Volume 34 , Issue Q IV , Pages 101-115

Working Paper
Good news is no news? The impact of credit rating changes on the pricing of asset-backed securities
Ammer, John; Clinton, Nathanael (2004)
We assess the impact of credit ratings on the pricing of structured financial products, using a sample of more than 1300 changes in Moody's or Standard and Poor's (S&P) ratings of U.S. asset-backed securities (ABS). We find that rating downgrades tend to be accompanied by negative returns and widening spreads, with the average effects stronger than those that have been reported in prior research on corporate and sovereign bond ratings. A portion of the negative implications of ABS downgrades are anticipated by price movements ahead of the rating action, although to a lesser degree than has ...
International Finance Discussion Papers , Paper 809

Journal Article
Fed confronts financial crisis by expanding its role as lender of last resort
DiMartino, Danielle; Renier, Jessica; Duca, John V. (2009)
The current recession has deepened because of shrinking credit flows from banks, nonbank lenders and securities markets. This contrasts with the early 1990s, when new bonds and commercial paper cushioned a bank credit crunch, and with the high-tech investment bust of the early 2000s, when steady bank lending lessened the impact of receding bond and equity finance markets. ; This time, breakdowns in key credit markets posed great risks to the financial system and the broader economy. The Federal Reserve responded with unprecedented measures, expanding its role as lender of last resort in an ...
Economic Letter , Volume 4

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