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Working Paper
False security: how securitization failed to protect arrangers and investors from borrower claims
Engel, Kathleen C.; Fitzpatrick, Thomas J. (2011)
The future of housing finance is in a state of flux. In February 2011, the Obama Administration released a proposal outlining three plans for the future of housing finance. In all three plans, Freddie Mac and Fannie Mae will be phased out over a period of years and replaced with a private securitization market, which may be backed, in whole or in part, by a government guarantee. Whether the final plan relies upon government-guaranteed securities or private-label securities, Congress will have to resolve a range of complex legal aspects of securitization, from the bankruptcy remoteness of ...
Working Papers (Old Series) , Paper 1109

Journal Article
Underwriting on subprime mortgages: what really happened?
Sengupta, Rajdeep; Noeth, Bryan J. (2010-01)
How did poor underwriting bring about the collapse of the subprime mortgage market? More importantly, how would subprime mortgages perform if underwriting standards did not deteriorate?
Central Banker , Issue Win

Journal Article
Pilot project aims to improve subprime lending supervision
anonymous (2007)
A new program will evaluate and assess the lending practices of some nondepository lenders with large subprime mortgage operations to ensure their compliance with consumer protection regulations.
Financial Update , Volume 20 , Issue 3

Monograph
CRA lending during the subprime meltdown
Reid, Carolina; Laderman, Elizabeth (2009)
Monograph

Working Paper
Did affordable housing legislation contribute to the subprime securities boom?
Owyang, Michael T.; Hernandez-Murillo, Ruben; Ghent, Andra C. (2012)
No. In this paper we use a regression discontinuity approach to investigate whether affordable housing policies influenced origination or affected prices of subprime mortgages. We use merged loan-level data on non-prime securitized mortgages with individual- and neighborhood-level data for California and Florida. We find no evidence that lenders increased subprime originations or altered pricing around the discrete eligibility cutoffs for the Government Sponsored Enterprises (GSEs) affordable housing goals or the Community Reinvestment Act. Our results indicate that the extensive purchases of ...
Working Papers , Paper 2012-005

Journal Article
Ten myths about subprime mortgages
Demyanyk, Yuliya (2009-05)
On close inspection many of the most popular explanations for the subprime crisis turn out to be myths. Empirical research shows that the causes of the subprime mortgage crisis and its magnitude were more complicated than mortgage interest rate resets, declining underwriting standards, or declining home values. Nor were its causes unlike other crises of the past. The subprime crisis was building for years before showing any signs and was fed by lending, securitization, leveraging, and housing booms.
Economic Commentary , Issue May

Report
MBS ratings and the mortgage credit boom
Ashcraft, Adam B.; Vickery, James; Goldsmith-Pinkham, Paul (2010)
We study credit ratings on subprime and Alt-A mortgage-backed-securities (MBS) deals issued between 2001 and 2007, the period leading up to the subprime crisis. The fraction of highly rated securities in each deal is decreasing in mortgage credit risk (measured either ex ante or ex post), suggesting that ratings contain useful information for investors. However, we also find evidence of significant time variation in risk-adjusted credit ratings, including a progressive decline in standards around the MBS market peak between the start of 2005 and mid-2007. Conditional on initial ratings, we ...
Staff Reports , Paper 449

Journal Article
Atlanta Fed economist examines the subprime crisis
anonymous (2009)
An Atlanta Fed economist said that given available data, market participants should have been able to understand that a significant fall in housing prices would cause a large increase in foreclosures.
Financial Update , Volume 22 , Issue 1

Working Paper
Where's the smoking gun? a study of underwriting standards for US subprime mortgages
Bhardwaj, Geetesh; Sengupta, Rajdeep (2008)
The dominant explanation for the meltdown in the US subprime mortgage market is that lending standards dramatically weakened after 2004. Using loan-level data, we examine underwriting standards on the subprime mortgage originations from 1998 to 2007. Contrary to popular belief, we find no evidence of a dramatic weakening of lending standards within the subprime market. We show that while underwriting may have weakened along some dimensions, it certainly strengthened along others. Our results indicate that (average) observable risk characteristics on mortgages underwritten post-2004 would have ...
Working Papers , Paper 2008-036

Working Paper
The subprime crisis in suburbia: exploring the links between foreclosures and suburban poverty
Schildt, Chris; Kneebone, Elizabeth; Reid, Carolina; Cytron, Naomi (2013)
In this brief, we provide an overview of patterns of subprime lending, as well as trends in foreclosures and REOs, in suburban communities compared to inner-cities. We also explore the relationship between foreclosures in suburban areas and the increased suburbanization of poverty. We find that the vast majority of foreclosures ?nearly three out of four (73.1 percent)?have been in suburban areas, and that suburban neighborhoods with higher rates of poverty are more likely to experience higher foreclosure rates. This is of concern because the mechanisms for addressing the challenges associated ...
Community Development Working Paper , Paper 2013-02

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