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Journal Article
The changing role of the prime rate
Journal Article
The rhyme and reason of bank mergers
Journal Article
Risks in the swaps market
Working Paper
Mortgage loan securitization and relative loan performance
We compare the ex ante observable risk characteristics and the default rates of securitized mortgage loans and mortgage loans retained by the original lender. We find that privately securitized loans tend to be riskier and to default at a faster rate than loans securitized with the GSEs and lender-retained loans. However, the differences in default rates across investor types are of secondary importance for explaining mortgage defaults compared to more conventional predictors, such as original loan-to-value ratios and the path for house prices. Privately securitized home mortgages have ...
Journal Article
The shrinking of Japanese branch business lending in California
Journal Article
Banking market structure in the West
Journal Article
What's behind problem credit card loans?
Working Paper
The untold costs of subprime lending: examining the links among higher-priced lending, foreclosures and race in California
This paper explores the relationship between race, subprime lending, and foreclosure in California in an effort to understand what happened during the subprime lending boom. The paper finds that communities of color have been disproportionately affected by the foreclosure crisis, and that these disparities stem from a series of complicated and interrelated factors, including borrower credit profiles, the ?boom and bust? housing market, and rising unemployment. However, the paper also shows that Blacks and Hispanics in California had access to very different mortgage markets, and that mortgage ...
Journal Article
The role of specialized lenders in extending mortgages to lower-income and minority homebuyers
Home-purchase lending to lower-income and minority households and neighborhoods has expanded significantly and at a faster rate than lending to other borrowers in recent years. Over the same period, however, an increasing proportion of applicants for conventional home-purchase mortgages, including lower-income and minority applicants, have had their applications denied. The first trend often has been taken as evidence that lenders' efforts to expand credit availability have been successful, whereas the second trend has contributed to concerns about access to credit and the fairness of the ...
Journal Article
Determinants of bank versus nonbank competitiveness in short-term business lending
Since about 1974, banks' share of the market for short-term business lending has been steadily eroded through competition with nonbank creditors. This paper tries to identify some factors that may affect bank competitiveness in this category in the short fun and discusses how these factors may have contributed to banks' loss of market share. Estimation of a simple linear model in first differences indicates that banks' market share responds negatively in the short run to above-average default risk and/or monetary tightness and to a decrease in banks' value of deposit insurance. Banks' ...