He, Jie; Qian, Jun; Strahan, Philip E. - In: American Economic Review 101 (2011) 3, pp. 131-35
We compare the structure and performance of private (non-GSE) mortgage-backed securities sold by large issuers vs. those sold by small issuers over the period 2000-2006. Securities sold by large issuers have less subordination--a greater fraction of the deal receiving AAA rating--than those sold...