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Keywords:Asset-backed financing 

Working Paper
What is the value of recourse to asset backed securities? A clinical study of credit card banks

The present paper uses data from revolving credit card securitizations to show that, conditional on being in a position where implicit recourse has become necessary and actually providing that recourse, recourse to securitized debt may benefit short- and long-term stock returns, and long-term operating performance of sponsors. The paper suggests that this result may come about because those sponsors providing the recourse do not seem to be extreme default or insolvency risks. However, sponsors providing recourse do experience an abnormal delay in their normal issuance cycle around the event. ...
Working Papers , Paper 03-6

Journal Article
Issuance of joint guidance on asset securitization activities

Federal Reserve Bulletin , Issue Feb

Journal Article
Asset securitization: a supervisory perspective

Federal Reserve Bulletin , Issue Oct , Pages 659-669

Journal Article
Asset quality: are we there yet?

The largest national banks apparently have turned the corner on asset quality issues, but this improving trend has not yet emerging across the Eighth District.
Central Banker , Issue Win

Journal Article
The struggle to establish a vibrant secondary market for community development loans

Securitization of loans and their sale to long-term investors has revolutionized many areas of finance: real estate, autos, consumer credit; but despite many efforts, it has not taken hold in community development financing. The obstacles to creating a secondary market for community development loans are similar to obstacles other markets faced: lack of data, standardization of documents and loan process, and loan volume. Other markets have managed to overcome these obstacles. Yet despite recent advances, such as Community Reinvestment Fund?s recent issuing of rated securities in November ...
Community Development Investment Review , Issue 1 , Pages 17-34

Working Paper
On the inverse of the covariance matrix in portfolio analysis

The goal of this study is the derivation and application of a direct characterization of the inverse of the covariance matrix central to portfolio analysis. As argued below, such a specification of the inverse, in terms of a few primitive constructs, helps clarify the determinants of such key concepts as (1) the optimal holding of a given risky asset, (2) the slope of the risk-return efficiency locus faced by the individual investor, and (3) the pricing of risky assets in the Capital Asset Pricing Model. The two building blocks of the inverse turn out to be the non-diversifiable part of each ...
International Finance Discussion Papers , Paper 528

Journal Article
Statement to Congress, July 31, 1991 (securitization)

Federal Reserve Bulletin , Issue Sep , Pages 726-731

Journal Article
Securitization and the efficacy of monetary policy : commentary

Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
Economic Policy Review , Volume 8 , Issue May , Pages 257-258

Journal Article
Taxpayer risk in mortgage policy

FRBSF Economic Letter



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Passmore, Wayne 7 items

Sparks, Roger 6 items

Agarwal, Sumit 5 items

De Nardi, Mariacristina 3 items

Mester, Loretta J. 3 items

Pavel, Christine A. 3 items

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