We expand the debate on incentives embedded in the originate-to-distribute lending model by presenting evidence on the placement of mortgage-backed securities (MBS) with mutual funds. We do so by capitalizing on a unique testing platform encompassing institutional holdings of private-label MBS...

We present evidence that affiliation between the debt renegotiator and the originator represents a mechanism to reduce asymmetric information inherent in debt renegotiation. We hypothesize that affiliation affords servicers lower-cost access to borrower information, thus improving their ability...

We study the effect of a change in trustees' incentives to monitor servicers in CMBS markets. Our identification strategy rests on variation in servicer-trustee affiliation that arises from mergers. We present evidence that affiliation is associated with excessive principal and interest advances...

We expand the debate on incentives embedded in the originate-to-distribute lending model by presenting evidence on the placement of mortgage-backed securities (MBS) with mutual funds. We do so by capitalizing on a unique testing platform encompassing institutional holdings of private-label MBS...

This paper presents a first view on the effects of COVID-19 and subsequent shutdown and re-opening orders on residential real estate markets. We use micro-level data on property transactions from a large number of multiple listing services and find moderate aggregate pricing effects in the...

This paper presents evidence on differential tax related incentives for divestment in residential real estate markets. Assets that are held for at least a year are taxed at a lower capital gains tax rate. The paper exploits a discontinuity in capital gains tax rates around the one year holding...