We present an analysis of the sensitivity of household mortgage probabilities of default (PDs) and loss given default … counterfactual analysis of the responsiveness of mortgage PDs, LGDs, and bank capitalization conditional on adverse scenarios related …

1997 to 2010, this paper provides empirical evidence that loan securitization in Europe is a composite decision based on … change when separately investigating securitization transactions during the pre-crisis and crisis period. Moreover, results …

lending guidelines, and demand in housing construction and mortgage lending has plummeted. Against this background, the paper …. Such liquidity effects can severely reduce the ability or willingness to pay of private investors in the household sector …

This article discusses how macroeconomic arguments should shape the design of mortgage contracts. Mortgage recourse …. Default mitigates liquidity traps because it redistributes wealth towards the borrowers with the highest marginal propensity … European economies with recourse mortgage systems. The article reviews policy options for Europe …

is promoting mortgage securitization throughout the EU and thereby rescaling the political economy of housing finance … in securitized mortgage debt contributed to the global financial crisis. As part of the CMU, the new European Commission …