particularly strong for liquidity- and default-risk- related spreads, long-term spreads, and the spreads that were most likely …

. It accompanies a Liberty Street Blog series. Both discuss the complexity of the credit intermediation chain associated … continue to be major players in the modern credit intermediation system. …

settlement relative to the precrisis period. The decrease in daylight overdrafts reduced credit risk for the Federal Reserve and …. Interestingly, both improvements were the focus of the revisions to the Federal Reserve’s Payment System Risk policy, adopted in …

expectation of continuously rising home prices. The risk of default was misrepresented by securitizers and credit rating agencies …The residential mortgage backed securities (MBS) market expanded and collapsed as securitizers packaged increasingly … payment requirement might also be forthcoming. The new rules could substantially reduce the risk of default while excluding …