This paper provides new evidence of agency conflicts in securitization by documenting adverse selection in Ginnie Mae issuers' early buyout activity. Conditioning on delinquency, we find issuers buy out less risky loans with higher current interest rate spreads. We illustrate how issuers exploit...

We study the effect of securitization on servicers' asset liquidation decisions. Conditional on liquidation, we find securitized loan servicers are more likely to liquidate distressed houses via real estate owned (REO) transactions than portfolio loan servicers. We exploit this fundamental...

We provide new evidence of parental demand for effective schools by exploiting shocks to school quality resulting from the continual unexpected redistricting of school attendance boundaries in Atlanta, Georgia. Using repeat-sales of the same house before and after they were redistricted, we show...