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MBS ratings and the mortgage credit boom

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

underperformance (high mortgage defaults and losses and large rating downgrades) among deals with observably higher risk mortgages …

Persistent link: https://www.econbiz.de/10010287069

Credit Booms and Lending Standards; Evidence From the Subprime Mortgage Market

Dell'Ariccia, Giovanni; Laeven, Luc; Igan, Deniz - International Monetary Fund (IMF) - 2008

This paper links the current sub-prime mortgage crisis to a decline in lending standards associated with the rapid expansion of this market. We show that lending standards declined more in areas that experienced larger credit booms and house price increases. We also find that the underlying...

Persistent link: https://www.econbiz.de/10005769083

Show Me the Money; Access to Finance for Small Borrowers in Canada

Klyuev, Vladimir - International Monetary Fund (IMF) - 2008

This paper examines access to business finance by Canadian small and medium-sized enterprises (SMEs) and to housing … finance by Canadian households (particularly non-prime borrowers) against the background of a fairly concentrated and … SMEs. The paper also finds the market for housing finance to be highly advanced and sophisticated. However, non …

Persistent link: https://www.econbiz.de/10005769089

Money for Nothing and Checks for Free; Recent Developments in U.S. Subprime Mortgage Markets

Mills, Paul S.; Kiff, John - International Monetary Fund (IMF) - 2007

After a number of warning signs, the U.S. "subprime mortgage crisis" became a headline issue in February 2007. Notwithstanding the bankruptcy of numerous mortgage companies, historically high delinquencies and foreclosures, and a significant tightening in subprime lending standards, the impact...

Persistent link: https://www.econbiz.de/10005605115

The Use of Mortgage Covered Bonds

Avesani, Renzo G.; Ribakova, Elina; Pascual, Antonio Garcia - International Monetary Fund (IMF) - 2007

The rapid mortgage credit growth experienced in recent years in mature and emerging countries has raised some stability concerns. Many European credit institutions in mature markets have reacted by increasing securitization, particularly via mortgage covered bonds. From the issuer's perspective,...

Persistent link: https://www.econbiz.de/10005826294

House Price Developments in Europe; A Comparison

Hilbers, Paul Louis Ceriel; Banerji, Angana; Shi, Haiyan; … - International Monetary Fund (IMF) - 2008

House prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the "fast lane", the average performers, and the slow movers. Price movements in the first two groups are found to be driven mostly by income and trends...

Persistent link: https://www.econbiz.de/10005826322

Is the Canadian Housing Market Overvalued? A+L4242 Post-Crisis Assessment

Tsounta, Evridiki - International Monetary Fund (IMF) - 2009

Canadian house prices have increased significantly between 2003 and early 2008, with a marked downward trend since mid-2008, especially in the resource-rich western provinces. This paper estimates the evolution of equilibrium real home prices during this period in key provinces and finds that,...

Persistent link: https://www.econbiz.de/10008540931

Exposure to Real Estate Losses; Evidence from the US Banks

Pinheiro, Marcelo; Igan, Deniz - International Monetary Fund (IMF) - 2009

We implement a three-step procedure to assess the extent of exposure to real estate in commercial banks. First, we demonstrate interest rates and income to be the major determinants of delinquency. Then, we adopt a stress testing approach to calculate the impact of any adverse changes in these...

Persistent link: https://www.econbiz.de/10008541450

MBS ratings and the mortgage credit boom

Ashcraft, Adam; Goldsmith-Pinkham, Paul; Vickery, James - Federal Reserve Bank of New York - 2010

underperformance (high mortgage defaults and losses and large rating downgrades) among deals with observably higher risk mortgages …

Persistent link: https://www.econbiz.de/10008493882

Canadian Residential Mortgage Markets; Boring But Effective?

Kiff, John - International Monetary Fund (IMF) - 2009

Klyuev (2008) concluded that the Canadian market for housing finance is highly advanced and sophisticated, but …

Persistent link: https://www.econbiz.de/10008528667