This paper examines how differences in state foreclosure laws influence the incidence of default in the residential mortgage market. Specifically, we examine how judicial review requirements, lenders' recourse rights (deficiency judgments), and state assistance programs for distressed borrowers...

This paper examines the relationship between mortgage originator loss exposure (i.e., risk retention) and the ex post performance and initial structure and pricing of mortgage-backed securities (MBS). We argue that originator risk retention varies positively with originator-sponsor and...

This paper examines how originator risk retention is related to the structure, pricing, and performance of securitized pools of residential mortgages created during the 2003-2007 period. We argue that originator risk retention is likely to vary positively with originator-sponsor and...