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Keywords:Asset-backed financing 

Journal Article
Securitization: more than just a regulatory artifact
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.
AUTHORS: Samolyk, Katherine A.; Carlstrom, Charles T.
DATE: 1992

Journal Article
Securitization
Obscure just 20 years ago, loan portfolio securitization by private and government-sponsored enterprises is a $5 trillion business today. This Commentary explains the reasons behind the spectacular growth of asset-backed securities.
AUTHORS: Ergungor, O. Emre
DATE: 2003

Journal Article
Securitization and community lending: a framework and some lessons from the experience in the U.S. mortgage market
This article provides a framework for analyzing the development of securitization as a vehicle for funding community economic development loans. Broadly speaking, there are two models for funding assets: (2) the portfolio lender model, which typically involves banks or other intermediaries originating and holding the loans and funding them mainly with debt, most often deposits; and (2) the securitization model, which involves tapping bond markets for funds, for instance, by pooling loans and selling shares in the pools. The focus here is on broad issues of when securitization is likely to be the more economic form of funding, some specifics of how the funding might be structured, and an analysis of the experience in the U.S. mortgage market.
AUTHORS: Order, Robert Van
DATE: 2006

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 2004 and May 2006, the goal of a vibrant secondary market for community development loans seems almost as far away today as it did nearly a decade ago.
AUTHORS: Erickson, David J.
DATE: 2006

Journal Article
Innovations and recent developments in mortgage-backed securities
AUTHORS: Kwan, Simon H.
DATE: 1996

Journal Article
Taxpayer risk in mortgage policy
AUTHORS: Martin, Deborah L.; Pozdena, Randall
DATE: 1991

Journal Article
The securitization of lending markets
AUTHORS: Booth, James R.
DATE: 1989

Journal Article
Securitization and banking
AUTHORS: Pozdena, Randall
DATE: 1986

Journal Article
Mortgage securitization & REMICs
AUTHORS: Pozdena, Randall
DATE: 1987

Working Paper
An empirical test of a two-factor mortgage valuation model: how much do house prices matter?
Mortgage-backed securities, with their relative structural simplicity and their lack of recovery rate uncertainty if default occurs, are particularly suitable for developing and testing risky debt valuation models. In this paper, we develop a two-factor structural mortgage pricing model in which rational mortgage-holders endogenously choose when to prepay and default subject to i. explicit frictions (transaction costs) payable when terminating their mortgages, ii. exogenous background terminations, and iii. a credit-related impact of the loan-to-value ratio (LTV) on prepayment. We estimate the model using pool-level mortgage termination data for Freddie Mac Participation Certificates, and find that the effect of the house price factor on the results is both statistically and economically significant. Out-of-sample estimates of MBS prices produce option adjusted spreads of between 5 and 25 basis points, well within quoted values for these securities.
AUTHORS: Downing, Chris; Wallace, Nancy; Stanton, Richard
DATE: 2003

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