implications for current and future policy on residential mortgage securitization, risk retention, and disclosure …The Dodd-Frank Act tasks regulators with defining a Qualified Residential Mortgage (QRM) as an exemption from risk … retention for residential mortgage-backed securities. Congress instructs regulators to consider factors that result in lower …

probability that banks securitize mortgage loans. This result is driven by an 11 basis point increase in deposit costs and …

This paper quantitatively accounts for the cyclical dynamics of key macroeconomic housing and mortgage market variables … using a tractable, searchtheoretic model of housing with equilibrium mortgage default. To explain these dynamics, the model … highlights the importance of liquidity spirals that arise from the interaction of search frictions and endogenous credit …

Does securitization distort the foreclosure decisions of non-performing mortgages? In a model of mortgage … securitized mortgages. Our model yields novel testable predictions on the effect of mortgage securitization on foreclosure rates …-backed securitization with an endogenous foreclosure policy, we find that the securitizing bank adopts a tougher foreclosure policy than the …

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

We address the moral hazard problem of securitization using a principal-agent model where the investor is the principal … and the lender is the agent. Our model considers structured asset-backed securitization with a credit enhancement …

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 …