Many studies documented that actual asset-price movements exhibit momentum and reversion to fundamentals. We study real estate markets and find that households' subjective house-price expectations capture momentum but not reversion to fundamentals. Moreover, if current house prices are deviated...

We study a new type of securitization, mortgage-receivable-backed securities (MRBSs) issued by real estate developers. Unlike traditional mortgage-backed securities (MBSs), the major risk of underlying assets of MRBSs is payment delay instead of default and prepayment. Using unique loan-level...

We study a new type of securitization that deals with banks’ processing time, mortgage-receivable-backed securities (MRBSs) issued by real estate developers. Unlike traditional mortgage-backed securities (MBSs), the major risk of underlying assets of MRBSs is payment delay instead of default...