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Dealer financial conditions and lender-of-last-resort facilities

Acharya, Viral V.; Fleming, Michael J.; Hrung, Warren B.; … - 2014

We examine the financial conditions of dealers that participated in two of the Federal Reserve's lender-of-last-resort (LOLR) facilities -- the Term Securities Lending Facility (TSLF) and the Primary Dealer Credit Facility (PDCF) -- that provided liquidity against a range of assets during...

Persistent link: https://www.econbiz.de/10010404154

Juvenile delinquent mortgages : bad credit or bad economy?

Haughwout, Andrew (contributor); … - 2008

and 2007 nonprime vintages becomes more understandable. -- Housing ; mortgage default ; subprime mortgages …

Persistent link: https://www.econbiz.de/10003781681

Defaults and losses on commercial real estate bonds

Wiggers, Tyler; Ashcraft, Adam B. - 2012

We employ a unique data set of public commercial real estate (CRE) bonds issued during the Great Depression era (1920-32) to determine their frequency of default and total loss given default. Default rates on these bonds far exceeded those originated in subsequent periods, driven in part by the...

Persistent link: https://www.econbiz.de/10009521614

Determinants of mortgage default and consumer credit use : the effects of foreclosure laws and foreclosure delays

Chan, Sewin; Haughwout, Sewin; Hayashi, Andrew T.; … - 2015

The mortgage default decision is part of a complex household credit management problem. We examine how factors … affecting mortgage default spill over to other credit markets. As home equity turns negative, homeowners default on mortgages … intensify the preservation of credit cards over housing debt. Although mortgage non-recourse statutes increase default on all …

Persistent link: https://www.econbiz.de/10011284437

Financial frictions, real estate collateral, and small firm activity in Europe

Banerjee, Ryan; Blickle, Kristian - 2018

We observe significant heterogeneity in the correlation between changes in house prices and the growth of small firms across certain countries in Europe. We find that, overall, the correlation is far greater in Southern Europe than in Northern Europe. Using a simple model, we show that this...

Persistent link: https://www.econbiz.de/10011904686

LIBOR : origins, economics, crisis, scandal, and reform

Hou, David; Skeie, David - 2014

trillions more in variable-rate mortgage and student loans. LIBOR's volatile behavior during the financial crisis provoked …

Persistent link: https://www.econbiz.de/10010393220

Bank holding company dividends and repurchases during the financial crisis

Hirtle, Beverly J. - 2014

Many large U.S. bank holding companies (BHCs) continued to pay dividends during the recent financial crisis, even as financial market conditions deteriorated, large losses accumulated, and emergency capital and liquidity were being provided by the official sector. In contrast, share repurchases...

Persistent link: https://www.econbiz.de/10010393223

Is size everything?

Antill, Samuel; Sarkar, Asani - 2018

We examine sources of systemic risk (threshold size, complexity, and interconnectedness) with factors constructed from equity returns of large financial firms, after accounting for standard risk factors. From the factor loadings and factor returns, we estimate the implicit government subsidy for...

Persistent link: https://www.econbiz.de/10011894404

Large-scale asset purchases by the Federal Reserve : did they work?

Gagnon, Joseph E.; Raskin, Matthew; Remache, Julie; … - 2010

Since December 2008, the Federal Reserve’s traditional policy instrument, the target federal funds rate, has been effectively at its lower bound of zero. In order to further ease the stance of monetary policy as the economic outlook deteriorated, the Federal Reserve purchased substantial...

Persistent link: https://www.econbiz.de/10003948813

MBS ratings and the mortgage credit boom

Ashcraft, Adam B.; Goldsmith-Pinkham, Paul; Vickery, James - 2010

We study credit ratings on subprime and Alt-A mortgage-backed-securities (MBS) deals issued between 2001 and 2007, the … period leading up to the subprime crisis. The fraction of highly rated securities in each deal is decreasing in mortgage … underperformance (high mortgage defaults and losses and large rating downgrades) among deals with observably higher risk mortgages …

Persistent link: https://www.econbiz.de/10008657284

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