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Journal Article
The economics of securitization
Cumming, Christine M. (1987-10)
Quarterly Review , Volume 12 , Issue Aut , Pages 11-23

Journal Article
Securitization, loan sales, and the credit slowdown
Cantor, Richard; Demsetz, Rebecca (1993-07)
Household and business lending has slowed sharply in recent years, but the anemic growth in loans booked at depository institutions, mortgage companies, and finance companies may overstate the decline in credit originated by these institutions. This article reports measures of credit growth that include "off-balance-sheet lending"loans that were originated by intermediaries but are absent from their balance sheets because of direct loan sales or the issuance of asset-backed securities. The authors also compare the relative volume of off-balance-sheet lending by types of intermediaries.
Quarterly Review , Volume 18 , Issue Sum

Report
The impact of capital requirements on the securitization decision
Shaffer, Sherrill; Donahoo, Kathleen K. (1988)
Research Paper , Paper 8820

Working Paper
Traditional and nontraditional banking: an information-theoretic approach
Mester, Loretta J. (1990)
Working Papers , Paper 90-3

Working Paper
How effective were the Federal Reserve emergency liquidity facilities?: evidence from the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility
Parkinson, Patrick M.; Duygan-Bump, Burcu; Rosengren, Eric S.; Suarez, Gustavo A.; Willen, Paul S. (2010)
Following the failure of Lehman Brothers in September 2008, short-term credit markets were severely disrupted. In response, the Federal Reserve implemented new and unconventional facilities to help restore liquidity. Many existing analyses of these interventions are confounded by identification problems because they rely on aggregate data. Two unique micro datasets allow us to exploit both time series and cross-sectional variation to evaluate one of the most unusual of these facilities - the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). The AMLF extended ...
Supervisory Research and Analysis Working Papers , Paper QAU10-3

Journal Article
Getting secure
Katz, Jane (1997-07)
Regional Review , Issue Sum , Pages 13-17

Conference Paper
The effect of automated underwriting on adverse selection and on the profitability of mortgage securitization
Passmore, Wayne; Sparks, Roger (1997)
Proceedings , Paper 562

Conference Paper
The art of asset-based lending
Sharkey, Michael D. (2005)
Proceedings , Paper 984

Working Paper
Market-based loss mitigation practices for troubled mortgages following the financial crisis
Agarwal, Sumit; Evanoff, Douglas D.; Chomsisengphet, Souphala; Amromin, Eugene; Ben-David, Itzhak (2011)
The meltdown in residential real-estate prices that commenced in 2006 resulted in unprecedented mortgage delinquency rates. Until mid-2009, lenders and servicers pursued their own individual loss mitigation practices without being significantly influenced by government intervention. Using a unique dataset that precisely identifies loss mitigation actions, we study these methods?liquidation, repayment plans, loan modification, and refinancing?and analyze their effectiveness. We show that the majority of delinquent mortgages do not enter any loss mitigation program or become a part of ...
Working Paper Series , Paper WP-2011-03

Working Paper
The role of securitization in mortgage renegotiation
Chomsisengphet, Souphala; Ben-David, Itzhak; Agarwal, Sumit; Amromin, Eugene; Evanoff, Douglas D. (2011)
We study the effects of securitization on renegotiation of distressed residential mortgages over the current financial crisis. Unlike prior studies, we employ unique data that directly observe lender renegotiation actions and cover more than 60% of the U.S. mortgage market. Exploiting within-servicer variation in these data, we find that bank-held loans are 26% to 36% more likely to be renegotiated than comparable securitized mortgages (4.2 to 5.7% in absolute terms). Also, modifications of bank-held loans are more efficient: conditional on a modification, bank-held loans have lower ...
Working Paper Series , Paper WP-2011-02

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