pipeline from mortgage originations through CDO issuance, they had informational advantages over potential buyers that could …

document a systematic positive link between distance and the mortgage sale rate. Mortgage securitization encourages lending at … removal of barriers to physical bank entry in the 1990s. The welfare implications are ambiguous: mortgage securitization …Do lemon problems distort trade on secondary mortgage markets? In this paper, I present new evidence that they do …

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 … perapplicant fixed costs in screening. We then demonstrate that our theory fits the data better than the main alternative theory …

research has hypothesized that these cutoff rules result from a securitization rule of thumb. Under this theory, an observed … securitization rule-of-thumb theory but consistent with the origination rule-of-thumb theory. There are jumps in the number of loans …Mortgage originators use credit score cutoff rules to determine how carefully to screen loan applicants. Recent …

A growing literature exploits credit score cutoff rules used by mortgage lenders as a natural experiment to estimate … the moral hazard effect of securitization on underwriting. This research design is premised on the assumption that these … cutoff rules are a response by lenders to securitization rules of thumb. We reexamine the evidence and find it is …

-transfer and default probabilities to gauge the severity of informational asymmetries in the loan securitization market. First, the …

securitization market by looking at the correlation between the securitization (risk-transfer) and the default (accident) probability … a strong relationship is a credible enough commitment to monitor after securitization. Importantly, the selection of …