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Second liens and the holdup problem in mortgage renegotiation

Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; … - 2014

When borrowers are delinquent, senior debtholders prefer liquidation whereas junior debtholders prefer to maintain their option value by delaying resolution or modifying the loan. In the mortgage market, a conflict of interest (“holdup”) arises when servicers of securitized senior liens are...

Persistent link: https://www.econbiz.de/10010353293

Policy intervention in debt renegotiation : evidence from the home affordable modification program

Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; … - 2012

We evaluate the effects of the 2009 Home Affordable Modification Program (HAMP) that provided intermediaries with sizeable financial incentives to renegotiate mortgages. HAMP increased intensity of renegotiations and prevented substantial number of foreclosures but reached just one-third of its...

Persistent link: https://www.econbiz.de/10009697769

The rise and fall of demand for securitizations

Chernenko, Sergey; Hanson, Samuel G.; Sunderam, Adi - 2014

government-guaranteed MBS to meet their liquidity needs during the crisis …

Persistent link: https://www.econbiz.de/10010532196

Corporate liquidity management : a conceptual framework and survey

Almeida, Heitor; Campello, Murillo; Cunha, Igor; … - 2013

Ensuring that a firm has sufficient liquidity to finance valuable projects that occur in the future is at the heart of … substantial literature on the ways in which firms manage liquidity has developed only recently. We argue that many of the key … issues in liquidity management can be understood through the lens of a framework in which firms face financial constraints …

Persistent link: https://www.econbiz.de/10010227725

Is there a US high cash holdings puzzle after the financial crisis?

Pinkowitz, Lee; Stulz, René M.; Williamson, Rohan - 2013

Defining normal cash holdings as the holdings a firm with the same characteristics would have had in the late 1990s, we find that the average abnormal cash holdings of U.S. firms after the financial crisis amount to 10% of cash holdings, which represents an 87% increase in abnormal cash holdings...

Persistent link: https://www.econbiz.de/10009782423