delaying trade. This paper uses the residential mortgage market as a laboratory to test this mechanism. Using detailed, loan …-level data on privately securitized mortgages, we find a strong relation between mortgage performance and time …

in subprime private-label mortgage-backed securities (PLS), influenced the risk characteristics and prices of the deals … and Freddie Mac purchased securities included separate mortgage pools: one specifically created for the GSEs and one or … and Freddie Mac had similar ex-ante risk characteristics but performed much better ex-post relative to other mortgage …

delays using the residential mortgage market as a laboratory. We find a strong relation between mortgage performance and time …

-transfer and default probabilities to gauge the severity of informational asymmetries in the loan securitization market. First, the …

securitization market by looking at the correlation between the securitization (risk-transfer) and the default (accident) probability … a strong relationship is a credible enough commitment to monitor after securitization. Importantly, the selection of …

document a systematic positive link between distance and the mortgage sale rate. Mortgage securitization encourages lending at … removal of barriers to physical bank entry in the 1990s. The welfare implications are ambiguous: mortgage securitization …Do lemon problems distort trade on secondary mortgage markets? In this paper, I present new evidence that they do …

securitization market by looking at the correlation between the securitization (risk-transfer) and the default (accident) probability … a strong relationship is a credible enough commitment to monitor after securitization. Importantly, the selection of …