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Deciphering the Liquidity and Credit Crunch 2007-08
Brunnermeier, Markus K. - 2008
magnified losses in the mortgage market into large dislocations and turmoil in financial markets …
Persistent link: https://www.econbiz.de/10012464035
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The Anatomy of a Residential Mortgage Crisis : A Look Back to the 1930s
Snowden, Kenneth A. - 2010
Looking back to the 1930s provides the opportunity to examine one severe mortgage crisis as we live through another …. This paper examines the development of the residential mortgage market during the 1920s, the institutional disruptions that … development of the residential mortgage market and led to a postwar system in which portfolio lenders dominated both local and …
Persistent link: https://www.econbiz.de/10012462411
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The Subprime Panic
Gorton, Gary B. - 2008
Understanding the ongoing credit crisis or panic requires understanding the designs of a number of interlinked securities, special purpose vehicles, and derivatives, all related to subprime mortgages. I describe the relevant securities, derivatives, and vehicles to show: (1) how the chain of...
Persistent link: https://www.econbiz.de/10012464249
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The Panic of 2007
Gorton, Gary B. - 2008
unique design reflecting the subprime mortgage design. Subprime securitization tranches were often sold to CDOs, which were …
Persistent link: https://www.econbiz.de/10012464289
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Forbearance by Contract : How Building and Loans Mitigated the Mortgage Crisis of the 1930s
Fleitas, Sebastián - 2015
During the Great Depression, Building and Loans (B&Ls), the leading home lenders, had a structure that mitigated the crisis. Borrowers were owners of the B&L and dissolution of the institution required a two-thirds majority vote. Using panel data from New Jersey in the 1930s, we find that this...
Persistent link: https://www.econbiz.de/10012456885
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The Political Economy of the U.S. Mortgage Default Crisis
Mian, Atif - 2008
during the crisis. Representatives from districts experiencing an increase in mortgage default rates are significantly more … likely to vote in favor of the AHRFPA. They are precise in responding only to mortgage related constituent defaults, and are …
Persistent link: https://www.econbiz.de/10012464179
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Capital Movements, Banking Insolvency, and Silent Runs in the Asian Financial Crisis
Kane, Edward J. - 2000
This paper supplies an agency-cost and contestable-markets perspective on the financial policies that triggered the Asian financial crisis. The agency-cost analysis hypothesizes that individual-country regulators knew that politically directed loans had made their banks insolvent, but...
Persistent link: https://www.econbiz.de/10012471262
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Hedge Funds as Liquidity Providers : Evidence from the Lehman Bankruptcy
Aragon, George O. - 2009
Using the September 15, 2008 bankruptcy of Lehman Brothers as an exogenous shock to funding costs, we show that hedge funds act as liquidity providers. Hedge funds using Lehman as prime broker could not trade after the bankruptcy, and these funds failed twice as often as otherwise-similar funds...
Persistent link: https://www.econbiz.de/10012463314
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The Effect of Principal Reduction on Household Distress : Evidence from Mortgage Cramdown
Cespedes, Jacelly C.; Parra, Carlos R.; Sialm, Clemens - National Bureau of Economic Research - 2021
Mortgage cramdown enabled bankruptcy judges to discharge the underwater portion of a mortgage during Chapter 13 …
Persistent link: https://www.econbiz.de/10012585384
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Did Bankruptcy Reform Cause Mortgage Default to Rise?
Li, Wenli - 2010
This paper argues that the U.S. bankruptcy reform of 2005 played an important role in the mortgage crisis and the … consequence of the reform was to cause mortgage default rates to rise …We estimate a hazard model to test whether the 2005 bankruptcy reform caused mortgage defaults to rise, using a large …
Persistent link: https://www.econbiz.de/10012462684