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Crisis liquidity facilities with nonbank counterparties : lessons from the term Asset-Backed Securities Loan Facility
Meisenzahl, Ralf R.; Pence, Karen M. - 2022
The Term Asset-Backed Securities Loan Facility (TALF), which addressed strains in the asset-backed securities market, was an unusual crisis facility because it provided loans to a wide range of nonbank financial institutions. Using new, detailed loan-level data, we study whether institutional...
Persistent link: https://www.econbiz.de/10013175070
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The Term Asset-Backed Securities Loan Facility
Caviness, Elizabeth; Sarkar, Asani; Goyal, Ankur; Park, … - 2021
The COVID-19 pandemic disrupted the asset-backed securities (ABS) market, resulting in higher spreads on ABS and briefly halting the issuance of some ABS. On March 23, 2020, the Federal Reserve established the Term Asset-Backed Securities Loan Facility (TALF) to support the flow of credit to...
Persistent link: https://www.econbiz.de/10012625897
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Mortgage-backed securities
Fuster, Andreas; Lucca, David O.; Vickery, James - 2022
economic effects of mortgage securitization. We also assemble descriptive statistics about market size, growth, security … the MBS market and mortgage securitization. …
Persistent link: https://www.econbiz.de/10013161874
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Mortgage-backed securities
Fuster, Andreas; Lucca, David O.; Vickery, James - 2022
economic effects of mortgage securitization. We also assemble descriptive statistics about market size, growth, security … the MBS market and mortgage securitization …
Persistent link: https://www.econbiz.de/10013168786
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The systemic risk of corporate credit securitization revisited
Lojak, Benjamin; Theobald, Thomas - 2020
a securitization process. Against the background of increased corporate indebtedness, our interest is in quantifying … the U.S., where corporate credit securitization has been reintensified in recent years. Simulations deliver adverse medium …%. Securitization activities above this threshold lead to significant welfare losses from the medium-term onwards. Two transmission …
Persistent link: https://www.econbiz.de/10012224673
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The rise and fall of demand for securitizations
Chernenko, Sergey; Hanson, Samuel G.; Sunderam, Adi - 2014
Collateralized debt obligations (CDOs) and private-label mortgage-backed securities (MBS) backed by nonprime loans played a central role in the recent financial crisis. Little is known, however, about the underlying forces that drove investor demand for these securitizations. Using micro-data on...
Persistent link: https://www.econbiz.de/10010532196
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Crisis liquidity facilities with nonbank counterparties : lessons from the term asset-backed securities loan facility
Meisenzahl, Ralf R.; Pence, Karen M. - 2022
Persistent link: https://www.econbiz.de/10013332747
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Unconventional monetary policy and risk-taking : evidence from agency mortgage REITs
Frame, W. Scott; Steiner, Eva - 2018
We study how the Federal Reserve's quantitative easing (QE) influenced the behavior of Agency mortgage real estate investment trusts (REITs) - a set of institutions identified by the Financial Stability Oversight Council as posing systemic risk. We document that Agency mortgage REITs: [i] equity...
Persistent link: https://www.econbiz.de/10011895590
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Large-scale asset purchases by the Federal Reserve : did they work?
Gagnon, Joseph E.; Raskin, Matthew; Remache, Julie; … - 2010
Since December 2008, the Federal Reserve’s traditional policy instrument, the target federal funds rate, has been effectively at its lower bound of zero. In order to further ease the stance of monetary policy as the economic outlook deteriorated, the Federal Reserve purchased substantial...
Persistent link: https://www.econbiz.de/10003948813
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Financial intermediation theory and implications for the sources of value in structured finance markets
Mitchell, Janet - 2005
Structured finance instruments represent a form of securitization technology which can be defined by the … securitization, in order to identify the economic forces underlying the creation of SF instruments. A question addressed is under … what circumstances one would expect to observe pooling alone (as with traditional securitization) versus pooling and …
Persistent link: https://www.econbiz.de/10011625592