Piskorski, Tomasz; Seru, Amit; Vig, Vikrant - In: Journal of Financial Economics 97 (2010) 3, pp. 369-397
We examine whether securitization impacts renegotiation decisions of loan servicers, focusing on their decision to foreclose a delinquent loan. Conditional on a loan becoming seriously delinquent, we find a significantly lower foreclosure rate associated with bank-held loans when compared to...