that banks used this form of securitization to concentrate, rather than disperse, financial risks in the banking sector …

Collateralized debt obligations (CDOs) and private-label mortgage-backed securities (MBS) backed by nonprime loans … crisis. Consistent with theories of optimal liquidation, investors largely traded in more liquid securities such as …

We survey the literature on securitization and lay out a research program for its open questions. Securitization is the … markets. Securitization has grown from a small amount in 1990 to a pre-crisis issuance amount that makes it one of the largest … capital markets. In 2005 the amount of non-mortgage asset-backed securities issued in U.S. capital markets exceeded the amount …

We examine the payoff performance, up to the end of 2013, of non-agency residential mortgage-backed securities (RMBS … securities, per carefully assembling source data from Bloomberg and other sources. We compare these payoffs to their ex …-ante ratings as well as other characteristics. We establish seven facts. First, the bulk of these securities was rated AAA. Second …

appetite for real estate securities during this period may have significantly contributed to a real construction boom, but … overly optimistic speculation in these securities may have led to overbuilding. The rapid deterioration of these securities … boom years. The breakdown in the value of real estate securities as collateral assets preceded the crash of 1929 and may …

these misrepresentations were priced in the securities at their issuance. A significant degree of misrepresentation exists …

that (a) mortgage-backed securities purchases in QE1 were crucial for lowering mortgage-backed security yields as well as … on Treasuries and Agencies relative to mortgage-backed securities and corporates, with yields on the latter falling …