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Credit Ratings and Security Prices in the Subprime MBS Market

Ashcraft, Adam B. - 2011

We present and discuss preliminary evidence suggesting that credit ratings significantly influenced prices for subprime mortgage-backed securities issued in the period leading up to the recent financial crisis. Ratings are closely correlated with prices even controlling for a rich set of...

Persistent link: https://www.econbiz.de/10013124306

Subprime facts : what (we think) we know about the subprime crisis and what we don't

Foote, Christopher L.; Gerardi, Kristopher; Götte, Lorenz - 2008

Using a variety of datasets, we document some basic facts about the current subprime crisis. Many of these facts are applicable to the crisis at a national level, while some illustrate problems relevant only to Massachusetts and New England. We conclude by discussing some outstanding questions...

Persistent link: https://www.econbiz.de/10003713651

Subprime outcomes : risky mortgages, homeownership experiences, and foreclosures

Gerardi, Kristopher (contributor); … - 2008

This paper provides the first rigorous assessment of the homeownership experiences of subprime borrowers. We consider homeowners who used subprime mortgages to buy their homes, and estimate how often these borrowers end up in foreclosure. In order to evaluate these issues, we analyze...

Persistent link: https://www.econbiz.de/10003715816

On democratizing financial turmoil : a Minskian analysis of the subprime crisis

Fernandez, Luisa (contributor); Kaboub, Fadhel (contributor) - 2008

widespread economic instability. The Federal Reserve Bank’s intervention came too late and failed to usher in adequate regulation …

Persistent link: https://www.econbiz.de/10003773521

Subprime mortgages, foreclosures, and urban neighborhoods

Gerardi, Kristopher (contributor); Willen, Paul (contributor) - 2008

This paper analyzes the impact of the subprime crisis on urban neighborhoods in Massachusetts. The topic is explored using a dataset that matches race and income information from HMDA with property]level, transaction data from Massachusetts registry of deeds offices. With these data, we show...

Persistent link: https://www.econbiz.de/10003810072

Background considerations to a regulation of the US financial system : third time a charm? Or strike three?

Kregel, Jan A. - 2009

reregulation ; Glass-Steagall ; Financial Modernization Act ; German universal bank regulation ; prudential regulation …

Persistent link: https://www.econbiz.de/10003859805

Reducing foreclosures

Foote, Christopher L.; Gerardi, Kristopher; Götte, Lorenz - 2009

This paper takes a skeptical look at a leading argument about what is causing the foreclosure crisis and what should be done to stop it. We use an economic model to focus on two key decisions: the borrower's choice to default on the mortgage and the lender's choice on whether to renegotiate or...

Persistent link: https://www.econbiz.de/10003860000

Subprime crisis and board (in-)competence : private vs. public banks in Germany

Hau, Harald; Thum, Marcel - 2009

and study if the bank losses can be traced to the quality of bank governance. For this purpose, we examine the … are then related directly to the magnitude of bank losses in the recent financial crisis. Our data confirms that … supervisory board (in-)competence in finance is related to losses in the financial crisis. Improved bank governance is therefore a …

Persistent link: https://www.econbiz.de/10003850179

Structured finance influence on financial market stability : evaluation of current regulatory developments

Schütz, Sebastian A. - 2010

In 2007 the world faced one of the biggest financial crises ever. It was the third important financial crisis in the last 12 years. Spillovers to the real economy and moral hazard behaviour of carpetbaggers resulted in enormous pressure on worldwide political institutions to approve a more...

Persistent link: https://www.econbiz.de/10008695393

Securitization and moral hazard : evidence from a lender cutoff rule

Bubb, Ryan; Kaufman, Alex - 2009

Credit score cutoff rules result in very similar potential borrowers being treated differently by mortgage lenders. Recent research has used variation induced by these rules to investigate the connection between securitization and lender moral hazard in the recent financial crisis. However, the...

Persistent link: https://www.econbiz.de/10003941871