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Conference Paper
The originate-to-distribute model and refi waves
Rosen, Richard J. (2011)
Proceedings , Paper 1127

Journal Article
Laying the foundation for a mortgage industry in Mexico
Skelton, Edward C. (2006)
Economic Letter , Volume 1

Working Paper
Securitization markets and central banking: an evaluation of the term asset-backed securities loan facility
Nelson, William R.; Campbell, Sean D.; Pence, Karen M.; Covitz, Daniel M. (2011)
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

Conference Paper
A proposal for \"financial institutions' secured asset-backed insurance fund\" or FINSAIF
Passmore, Wayne; Hancock, Diana (2010)
Proceedings , Paper 1139

Discussion Paper
Has MBS Market Liquidity Deteriorated?
Podjasek, Rich; Fleming, Michael J.; Molloy, Linsey; Fuster, Andreas (2016-02-08)
Mortgage-backed securities guaranteed by the government-backed entities Fannie Mae, Freddie Mac, and Ginnie Mae, or so-called ?agency MBS,? are the primary funding source for U.S. residential housing. A significant deterioration in the liquidity of the MBS market could lead investors to demand a premium for transacting in this important market, ultimately raising borrowing costs for U.S. homeowners. This post looks for evidence of changes in agency MBS market liquidity, complementing similar posts studying liquidity in U.S. Treasury and corporate bond markets.
Liberty Street Economics , Paper 20160208a

Conference Paper
The ins and outs of LSAPs.
Vissing-Jorgensen, Annette; Krishnamurthy, Arvind (2013)
Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
Differences across originators in CMBS loan underwriting
Cohen, Andrew M.; Nichols, Joseph B.; Chu, Chenghuan Sean; Black, Lamont K. (2011)
Differences in the organizational structure of CMBS loan originators may reflect differences in the incentives they face for underwriting risky loans. We treat an originator's type--that is, commercial bank, investment bank, insurance company, finance company, conduit lender, or foreign-owned entity--as a proxy for incentives related to warehousing risk, balance sheet lending, and regulatory constraints. After controlling for observable credit characteristics of over 30,000 loans securitized into CMBS after 1999, we find considerable differences in loan performance across originator types. ...
Finance and Economics Discussion Series , Paper 2011-05

Speech
Remarks on the role of central bank interactions with financial markets
Potter, Simon M. (2012)
Remarks at New York University's Stern School of Business, New York City.
Speech , Paper 94

Working Paper
An analysis of government guarantees and the functioning of asset-backed securities markets
Passmore, Wayne; Hancock, Diana (2010)
Mortgage securitization has been tried several times in the United States and each time it has failed amid a credit bust. In what is now a familiar recurring history, during the credit boom, underwriting standards are violated and guarantees are inadequately funded; subsequently, defaults increase and investors in mortgage-backed securities attempt to dump their investments. ; We focus on a specific market failure associated with asset-backed securitization and propose a tailored government remedy. Our analysis of loan market equilibriums shows that the additional liquidity provided by ...
Finance and Economics Discussion Series , Paper 2010-46

Newsletter
The role of securitization in mortgage lending
Rosen, Richard J. (2007-11)
Recent media coverage on the problems in the subprime mortgage market has featured an alphabet soup of abbreviations, such as MBS, CDO, and SIV. What do these terms stand for? And how do they fit into the mortgage financing process?
Chicago Fed Letter , Issue Nov

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