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Fussing and Fuming over Fannie and Freddie: How Much Smoke, How Much Fire?
Frame, W. Scott; White, Lawrence J. - 2004
mortgage finance. We describe the special features of these two companies and their roles in the mortgage markets. We then …
Persistent link: https://www.econbiz.de/10005846884
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Emerging Competition and Risk-Taking Incentives at Fannie Mae and Freddie Mac
White, Lawrence J.; Frame, W. Scott - Federal Reserve Bank <Atlanta, Ga.> - 2004
This paper examines two major forces that may soon increase competition in the U.S. secondary conforming mortgage … market: 1) the expansion of Federal Home Loan Bank mortgage purchase programs, and 2) the adoption of revised risk …
Persistent link: https://www.econbiz.de/10005846886
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Banking competition, IT use, and financial stability
Koetter, Michael; Noth, Felix - Johann Wolfgang Goethe-Universität <Frankfurt a. Main> … - 2009
ofmore intensive IT use on competition, bank’s information base, and the financial stability of bothbanks and corporates. To …
Persistent link: https://www.econbiz.de/10005866889
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Property Derivatives and Index-Linked Mortgages
Syz, Juerg; Vanini, Paolo; Salvi, Marco - Institut für Schweizerisches Bankwesen <Zürich> - 2006
stabilization of the homeowner’s net wealth, price the instruments, and quantify the expected decrease in the mortgage default risk …
Persistent link: https://www.econbiz.de/10005858211
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Risk Heterogeneity and Credit Supply: Evidence from the Mortgage Market
Besley, Timothy; Meads, Neil; Surico, Paolo - London School of Economics and Political Science - 2010
This paper uses a unique data set on more than 600,000 mortgagecontracts to estimate a credit supply function which allows for risk-heterogeneity. Non-linearity is modeled using quantile regressions. Wepropose an instrumental variable approach in which changes in the taxtreatment of housing...
Persistent link: https://www.econbiz.de/10009248804
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The housing meltdown: Why did it happen in the United States?
Ellis, Luci - Bank für Internationalen Zahlungsausgleich <Basel> - 2008
The crisis enveloping global financial markets since August 2007 was triggered by actual and prospective credit losses on US mortgages. Was the United States just unlucky to have been the first to experience a housing crisis? Or was it inherently more susceptible to one? I examine the limited...
Persistent link: https://www.econbiz.de/10009305060
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Optimal Securitization with Heterogeneous Investors
Malamud, Semyon; Rui, Huaxia; Whinston, Andrew B. - Swiss National Centre of Competence in Research North … - 2010
We solve the problem of optimal securitization for an issuer facing heterogeneous investorswith arbitrary time and risk preferences. We show that the optimal securitizationis characterized by multiple nonlinear tranches, and each investor gets a portfolio of thesetranches. In particular, when...
Persistent link: https://www.econbiz.de/10009305109
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Credit Supply and the Price of Housing
Favara, Giovanni; Imbs, Jean - National Centre of Competence in Research - Financial … - 2010
We show that since 1994, branching deregulations in the U.S have signi…cantly af-fected the supply of mortgage credit …, and ultimately house prices. With deregulation,the number and volume of originated mortgage loans increase, while denial … rates fall.But the deregulation has no effect on a placebo sample, formed of independent mort-gage companies that should not …
Persistent link: https://www.econbiz.de/10009522189
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Collateralized Debt Obligations:Anreizprobleme im Rahmen desManagements von CDOs
Scholz, Julia - Universität <München> / Fakultät für Betriebswirtschaft - 2009
Die Arbeit untersucht die Anreize von CDO-Managern hinsichtlich der Auswahl der einem Poolzugrunde liegenden Forderungen und identifiziert Anreizkonflikte zwischen diesen und den Investorender unterschiedlich subordinierten Tranchen. Es wird aufgezeigt, dass CDO-Managerunabh¨angig von ihrer...
Persistent link: https://www.econbiz.de/10009418803
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Optimal Investment and Premium Policies under Risk Shifting and Solvency Regulation
Filipović, Damir; Kremslehner, Robert; Muermann, Alexander - National Centre of Competence in Research - Financial … - 2011
Limited liability creates a conict of interests between policyholders and shareholders ofinsurance companies. It provides shareholders with incentives to increase the risk of theinsurer's assets and liabilities which, in turn, might reduce the value policyholders attach toand premiums they are...
Persistent link: https://www.econbiz.de/10009486858