TBA trading and liquidity in the agency MBS market

James Vickery; Joshua Wright

Most mortgages in the United States are securitized through the agency mortgage-backedsecurities (MBS) market. These securities are generally traded on a “to-be-announced,” or TBA, basis. This trading convention significantly improves agency MBS liquidity, leading to lower borrowing costs for households. Evaluation of potential reforms to the U.S. housing finance system should take into account the effects of those reforms on the operation of the TBA market. -- Mortgage-backed securities ; TBA trading ; liquidity ; adverse selection

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Year of publication:	2010
Authors:	Vickery, James ; Wright, Joshua D.
Publisher:	New York, NY : Federal Reserve Bank of New York
Subject:	Liquidität \| Liquidity \| Marktliquidität \| Market liquidity \| Handelsvolumen der Börse \| Trading volume \| Prinzipal-Agent-Theorie \| Agency theory

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Extent:	Online-Ressource (35 S.) graph. Darst.
Series:	Staff reports / Federal Reserve Bank of New York. - New York, NY : [Verlag nicht ermittelbar], ZDB-ID 2189304-4. - Vol. 468
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Systemvoraussetzungen: Acrobat Reader
Other identifiers:	hdl:10419/60798 [Handle]
Classification:	G21 - Banks; Other Depository Institutions; Mortgages ; G12 - Asset Pricing ; G19 - General Financial Markets. Other
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10008657185