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Keywords:Asset-backed financing 

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.
Economic Commentary , Issue Aug

Working Paper
The role of securitization in mortgage renegotiation

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

Journal Article
The asset-backed securities markets, the crisis and TALF

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

Speech
What the Fed did and why

Remarks at the Westchester County Bankers Association, Tarrytown, New York.
Speech , Paper 27

Conference Paper
The valuation cost approach to the theory of financial intermediation

Proceedings , Paper 169

Journal Article
The prepayment risk of mortgage-backed securities

Economic Review , Volume 74 , Issue Feb , Pages 43-57

Newsletter
Would you buy a car loan from this bank?

Chicago Fed Letter , Issue May

Working Paper
Securitization, risk, and the liquidity problem in banking

Finance and Economics Discussion Series , Paper 181

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 Innovation Review , Issue 1 , Pages 17-34

Working Paper
Securitization markets and central banking: an evaluation of the term asset-backed securities loan facility

In response to the near collapse of US securitization markets in 2008, the Federal Reserve created the Term Asset-Backed Securities Loan Facility, which offered non-recourse loans to finance investors' purchases of certain highly rated asset-backed securities. We study the effects of this program and find that it lowered interest rate spreads for some categories of asset-backed securities but had little impact on the pricing of individual securities. These findings suggest that the program improved conditions in securitization markets but did not subsidize individual securities. We also find ...
Finance and Economics Discussion Series , Paper 2011-16

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Passmore, Wayne 7 items

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