We estimate holdings of highly-rated tranches of mortgage securitizations of American deposit-taking banks ahead of the …-rated tranches. We find, however, that banks active in securitization held more highly-rated tranches. Such a result can be …

We study the effects of securitization on renegotiation of distressed residential mortgages over the current financial …% of the U.S. mortgage market. Exploiting within-servicer variation in these data, we find that bank-held loans are 26% to …-modification default rates by 9% (3.5% in absolute terms). Our findings support the view that frictions introduced by securitization create …

We estimate holdings of highly-rated tranches of mortgage securitizations of American deposit-taking banks ahead of the …-rated tranches. We find, however, that banks active in securitization held more highly-rated tranches. Such a result can be …

researchers to depend on data from insurance company portfolios or the commercial mortgage backed securities (CMBS) market …