The House Financial Services Committee recently concluded that lack of regulation of private-label mortgage …-backed securities (MBS) is to blame for the unsustainable housing bubble that peaked in mid-2006 — and consequentially, the economic … crisis that ensued when the bubble burst. It is true that the Secondary Mortgage Market Enhancement Act of 1984 largely …

We examine the payoff performance, up to the end of 2013, of non-agency residential mortgage-backed securities (RMBS …), issued up to 2008. We have created a new and detailed data set on the universe of non-agency residential mortgage backed … securities, per carefully assembling source data from Bloomberg and other sources. We compare these payoffs to their ex …

-backed securities structures. We propose a parsimonious top-down approach, by modeling directly the portfolio loss process and the …

-American mortgage recorded by legal scholars with the recent literature on security design and incomplete contracting in order to … explain and evaluate several unique features of the mortgage. In particular, we investigate how a conditional transfer of … ownership to a lender and the institution called the equity of redemption affect mortgage renegotiation and therefore the value …

In this paper we present a prepayment-risk-neutral valuation model for fixed-rate Mortgage-Backed Securities. Our model … is based on intensity models as used in credit-risk modeling and extends existing models for individual mortgage …