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Journal Article
Coming to America: covered bonds?
Juvenal, Luciana; Fawley, Brett W. (2012)
Ultimately, covered bonds and ABS are complements, not substitutes.
Economic Synopses

Speech
Fixing wholesale funding to build a more stable financial system
Dudley, William (2013-02-01)
Remarks at the New York Bankers Association's 2013 Annual Meeting & Economic Forum, The Waldorf Astoria, New York City.
Speech

Discussion Paper
Reviving mortgage securitization: lessons from the Brady Plan and duration analysis
Mann, Catherine L.; Gumbau-Brisa, Fabia (2009)
We review the period of the Latin American debt crisis in order to draw policy analogies from that experience for current U.S. credit securitization markets. During the earlier episode the Brady Plan used a zero-coupon U.S. Treasury security to provide a credit enhancement for the troubled assets. This revitalized the market for Latin American debt by: (1) ameliorating the dual solvency problem that affected both creditors and debtors, and (2) revealing asset prices as dominated by risk fundamentals rather than by short-run factors. The cost of the Brady plan was quite small relative to its ...
Public Policy Discussion Paper , Paper 09-3

Speech
The impact of liquidity, securitization, and banks on the real economy.
Rosengren, Eric S. (2009)
Presentation by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for a Panel Discussion at the Conference on Financial Markets and Monetary Policy, Sponsored by the Federal Reserve Board and the Journal of Money, Credit, and Banking, Washington, D.C., June 5, 2009
Speech , Paper 28

Conference Paper
Comments on 'The ins and outs of LSAPs'.
Kashyap, Anil K. (2013)
Proceedings - Economic Policy Symposium - Jackson Hole

Report
TBA trading and liquidity in the agency MBS market
Wright, Joshua; Vickery, James (2010)
Most mortgages in the United States are securitized through the agency mortgage-backed-securities (MBS) market. These securities are generally traded on a ?to-be-announced,? or TBA, basis. This trading convention significantly improves agency MBS liquidity, leading to lower borrowing costs for households. Evaluation of potential reforms to the U.S. housing finance system should take into account the effects of those reforms on the operation of the TBA market.
Staff Reports , Paper 468

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
TBA trading and liquidity in the agency MBS market
Wright, Joshua; Vickery, James (2013-05)
Mortgage-backed securities in the United States are generally traded on a ?to-be-announced,? or TBA, basis. The key feature of a TBA trade is that the identity of the securities to be delivered to the buyer is not specified exactly at the time of the trade, facilitating a liquid forward market. This article describes the main features of the TBA market. It also presents evidence on the liquidity of this market during the financial crisis period. Using variation in TBA eligibility rules, the authors? estimates suggest that the liquidity benefits associated with the TBA market are of the order ...
Economic Policy Review , Volume 19 , Issue May , Pages 1-18

Journal Article
Homeownership and affordable lending: a case study
Office, Community Affairs (2007)
Homeownership doesn't just provide people a place to live. It also enables them to accumulate wealth by saving more and building equity in their homes.
Banking and Community Perspectives , Issue 3

Speech
Early lessons from recent financial turmoil.
Rosengren, Eric S. (2008)
Presented by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for the South Shore Chamber of Commerce, Quincy, MA, March 6, 2008
Speech , Paper 10

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