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Journal Article
Growing pains
Proceedings of the Conference on the Secondary Market for Community Development Loans. <p> Much has been said about the challenges of selling pools of loans into the capital markets via securitization or other techniques. In our experience, the actual sale is often the least difficult part of the process. The reason is that organizations can draw on the skills of a range of experts who can help with that part of the process. Attorneys are available who can guide organizations through the complexities of securities law; financial consultants offer advice regarding the proper accounting under ...
Conference Paper
Commentary: improving secondary markets in rural America
Report
Bank loan sales: a new look at the motivations for secondary market activity
Bank lending traditionally involves the extension of credit that is held by the originating bank until maturity. Loan sales allow banks to deviate from this pattern by transferring loans in part or in their entirety from their own books to those of another institution. This paper uses a new methodology to test the validity of two hypotheses regarding banks' motivations for selling and buying loans: (1) the comparative advantage hypothesis, that banks with a comparative advantage in originating loans sell and those with a comparative advantage in funding loans buy, and (2) the diversification ...
Journal Article
The securitization of housing finance
Since 1970, housing finance has undergone a radical transformation due to the securitization of mortgage loans. As the market for mortgage securities continues to grow and develop, this transformation raises a number of important public policy issues.
Journal Article
Securitization
Journal Article
Check your guns at the door: how to get together to establish a secondary market
Proceedings of the Conference on the Secondary Market for Community Development Loans <p> Most organizational development professionals are familiar with Spencer Johnson?s book Who Moved My Cheese? Johnson?s tale is simple but insightful and reveals profound truths about change. The four characters in the story live in a maze and they need to look for cheese to nourish them and make them happy. The characters are Sniff, Scurry, Hem, and Haw. ?Cheese? is a metaphor for what you want in life, and ?maze? is where you look for what you want. In the story, the characters face unexpected change, ...
Journal Article
Developments in the secondary mortgage market
Working Paper
GSEs, mortgage rates, and secondary market activities
Fannie Mae and Freddie Mac are government-sponsored enterprises (GSEs) that purchase mortgages and issue mortgage-backed securities (MBS). In addition, the GSEs are active participants in the primary and secondary mortgage markets on behalf of their own portfolios of MBS. Because these portfolios have grown quite large, portfolio purchases as well as MBS issuance are likely to be important forces in the mortgage market. This paper examines the statistical evidence of a connection between GSE actions and the interest rates paid by mortgage borrowers. We find that both portfolio purchases and ...