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LITIGATIONS, DAMAGES AND SOLUTIONS IN RESIDENTIAL MORTGAGE-BACKED SECURITIES
Jomadar, Dinesh - Volkswirtschaftliche Fakultät, … - 2009
-offs, judgments, and bankruptcies qualify for subprime loans (Hayre, 2001). Securitization is the financial technology that integrates …
Persistent link: https://www.econbiz.de/10008866120
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Optimal incentives and securitization of defaultable assets
Malamud, Semyon; Rui, Huaxia; Whinston, Andrew - In: Journal of Financial Economics 107 (2013) 1, pp. 111-135
We study optimal securitization in the presence of an initial moral hazard. A financial intermediary creates and then … punishment for defaults, under which investors stop paying the intermediary after the first default. With securitization … contracts optimally designed, we find securitization improves the intermediary's screening incentives. Furthermore, the …
Persistent link: https://www.econbiz.de/10010593827
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Was it really a Minsky moment?
Behlul, Timur - In: Journal of Post Keynesian Economics 34 (2011) 1, pp. 137-158
In a Minskian world, the "moment" occurs after a cumulative process toward financial instability. Minsky argued that during a sustained boom, an upward revision of profit expectations should lead to higher leverage ratios and greater risk taking. In this article, I investigate whether the...
Persistent link: https://www.econbiz.de/10010612922
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Back to the future: 900 years of securitization
Buchanan, Bonnie - In: Journal of Risk Finance 15 (2014), pp. 316-333
one of the biggest financial innovations of the last century, securitization is now viewed as a contributory factor to the … crisis. Until recently research has focused on the post-1970s mortgage securitization market. In this paper, I trace the … earlier origins of securitization, from the 12th century Genoese compera through to early 20th century efforts. The historical …
Persistent link: https://www.econbiz.de/10010944782
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Warum ABS schlechte Produkte sein können, aber nicht müssen
Rudolph, Bernd - In: Ifo Schnelldienst 67 (2014) 22, pp. 09-14
Bernd Rudolph, Ludwig-Maximilians-Universität München und Steinbeis Hochschule Berlin, zeigt in seinem Kommentar, welche Vor- und Nachteile mit einer Nutzung der ABS-Märkte verbunden sind, wie sie gestaltet und wie sie reguliert sein müssen, damit die genannten Defizite und möglichen...
Persistent link: https://www.econbiz.de/10011148729
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Asset inflation and monetary policy
KINDLEBERGER, C.P. - In: BNL Quarterly Review 48 (1995) 192, pp. 17-37
Asset inflation is characterised by an increase in the prices of assets while output prices are relatively stable or on a decline. In the event of asset inflation, international coordination of monetary policy is an observable trend. For instance, in 1989, when Japan was at the worst phase of...
Persistent link: https://www.econbiz.de/10010765213
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Asset inflation and monetary policy
KINDLEBERGER, C.P. - In: Banca Nazionale del Lavoro Quarterly Review 48 (1995) 192, pp. 17-37
Asset inflation is characterised by an increase in the prices of assets while output prices are relatively stable or on a decline. In the event of asset inflation, international coordination of monetary policy is an observable trend. For instance, in 1989, when Japan was at the worst phase of...
Persistent link: https://www.econbiz.de/10010765258
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Nonrecourse financing and securitization
Kobayashi, Mami; Osano, Hiroshi - In: Journal of Financial Intermediation 21 (2012) 4, pp. 659-693
We consider the role of the nonrecourse financing of securitization by a financial institution (FI). Our model suggests … nonrecourse financing of securitization initially, because the nonrecourse security makes liquidation of the original asset more … of securitization, together with short-term maturity financing, forces the financial system to perform inefficiently in …
Persistent link: https://www.econbiz.de/10010765478
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A Top-Down Approach for Asset-Backed Securities: A Consistent Way of Managing Prepayment, Default and Interest Rate Risks
Fermanian, Jean-David - In: The Journal of Real Estate Finance and Economics 46 (2013) 3, pp. 480-515
We define a new approach to manage prepayment, default and interest rate risks simultaneously in some standard asset-backed securities structures. We propose a parsimonious top-down approach, by modeling directly the portfolio loss process and the amortization process. Both are correlated to...
Persistent link: https://www.econbiz.de/10010866966