financial crisis. The downturn in the housing and mortgage markets precipitated the first phase of the financial crisis in … financial securities. Why did these firms have such high concentrations in mortgage-related securities? Given the information … available to firms at the time, these high concentrations in mortgage-related securities violated basic principles of modern …

This paper examines loan originations by mortgage banking subsidiaries surrounding a recent period of regulatory … arbitrage. Mortgage banking subsidiaries of Bank Holding Companies (BHCs) became increasingly active players in the mortgage … quality of loan originations by mortgage banking subsidiaries of BHCs. We use a diff-in-diff estimator with the control group …

We examine the real effects of changes in bank mortgage loan underwriting standards by combining responses to the … Federal Reserve's Senior Loan Officer Opinion Survey, application information from the Home Mortgage Disclosure Act, and local … securitizing banks. In areas with more exposure to banks that have tightened standards, mortgage delinquency rates, house prices …

We analyze link between mortgage-related regulatory penalties levied on banks and the level of systemic risk in the U …

This paper presents a comprehensive analysis of mortgage delinquency using a unique loan-level dataset from a major … national mortgage bank from 2004 to 2008. Our analysis highlights two major agency problems underlying the mortgage crisis: one … between the bank and mortgage brokers that results in lower quality broker-originated loans, and the other between banks and …

. Specifically, I examine the influence of delayed loan loss recognition (DLR) on bank lending and risk-taking in the U.S. mortgage … aggregate effects of banks' DLR on the housing market. I find high DLR banks reduced mortgage supply, leading high exposure ZIP … codes to experience larger decreases in mortgage supply during the crisis. Mortgages from high DLR banks were also more …