Government Loan Guarantees, Market Liquidity, and Lending Standards
References
- (2004) Exit options in corporate finance: Liquidity vs. incentives. Rev. Finance 81(3):327–353.Crossref, Google Scholar
- (2019) Loan insurance, market liquidity, and lending standards. Bank of Canada Staff Working Paper No. 2019-47, Bank of Canada Ottawa.Google Scholar
- (2004) Have the GSE affordable housing goals increased the supply of mortgage credit? Regional Sci. Urban Econom. 34(3):263–273.Crossref, Google Scholar
- (2004) The institutional memory hypothesis and the procyclicality of bank lending behavior. J. Financial Intermediation 13(4):458–495.Crossref, Google Scholar
- (1987) Collateral and rationing: Sorting equilibria in monopolistic and competitive credit markets. Internat. Econom. Rev. 28(3):671–689.Crossref, Google Scholar
- (1985) Screening vs. rationing in credit markets with imperfect information. Amer. Econom. Rev. 75(4):850–855.Google Scholar
- (2006) Do the GSEs matter to low-income housing markets? An assessment of the effects of the GSE loan purchase goals on California housing outcomes. J. Urban Econom. 59(3):458–475.Crossref, Google Scholar
- (2018) Fintech, regulatory arbitrage, and the rise of shadow banks. J. Financial Econom. 130(3):453–483.Crossref, Google Scholar
- (2016) Information spillovers, gains from trade, and interventions in frozen markets. Rev. Financial Stud. 29(5):1291–1329.Crossref, Google Scholar
- (2018) Housing price booms and crowding-out effects in bank lending. Rev. Financial Stud. 31(7):2806–2853.Crossref, Google Scholar
- (2014) Skin in the game and moral hazard. J. Finance 69(4):1597–1641.Crossref, Google Scholar
- (2016) Trading dynamics with adverse selection and search: Market freeze, intervention and recovery. Rev. Econom. Stud. 83(3):969–1000.Crossref, Google Scholar
- (1987) Signaling games and stable equilibria. Quart. J. Econom. 102(2):179–221.Crossref, Google Scholar
- Congressional Budget Office (2014) Transition to alternative structures for housing finance. Technical report, Congressional Budget Office, Washington, DC.Google Scholar
- (2020) Securitization, ratings, and credit supply. J. Finance 75(2):1037–1082.Crossref, Google Scholar
- (2017) Banks as secret keepers. Amer. Econom. Rev. 107(4):1005–1029.Crossref, Google Scholar
- (2016) An overview of GSE reform. J. Structured Finance 22(1):35–46.Crossref, Google Scholar
- (1999) A liquidity-based model of security design. Econometrica 67(1):65–100.Crossref, Google Scholar
- (2005) The pooling and tranching of securities: A model of informed intermediation. Rev. Financial Stud. 18(1):1–35.Crossref, Google Scholar
- (1999) Incentives and social capital: Are homeowners better citizens? J. Urban Econom. 45(2):354–384.Crossref, Google Scholar
- (2016) Phasing out the GSEs. J. Monetary Econom. 81:111–132.Crossref, Google Scholar
- (2019) Crowd-out effects of US housing credit policy. Working paper, Cornell University, Ithaca, NY.Google Scholar
- (2018) Credit risk transfer and de facto GSE reform. Federal Reserve Bank New York Econom. Policy Rev. 24(3):88–116.Google Scholar
- (2005) Fussing and fuming over Fannie and Freddie: How much smoke, how much fire? J. Econom. Perspect. 19(2):159–184.Crossref, Google Scholar
- (2015) Securitization and the fixed-rate mortgage. Rev. Financial Stud. 28(1):176–211.Crossref, Google Scholar
- (2019) The role of technology in mortgage lending. Rev. Financial Stud. 32(5):1854–1899.Crossref, Google Scholar
- (2010) Do the GSEs expand the supply of mortgage credit? New evidence of crowd out in the secondary mortgage market. J. Public Econom. 94(11–12):975–986.Crossref, Google Scholar
- (1990) Federal lending and the market for credit. J. Public Econom. 42(2):177–193.Crossref, Google Scholar
- (1991) Economic effects of federal credit programs. Amer. Econom. Rev. 81(1):133–152.Google Scholar
- (2001) Linkages between secondary and primary markets for mortgages: The role of retained portfolio investments of the government-sponsored enterprises. J. Fixed Income 11(1):29–36.Crossref, Google Scholar
- (1990) Financial intermediaries and liquidity creation. J. Finance 45(1):49–71.Crossref, Google Scholar
- (1995) Banks and loan sales: Marketing nonmarketable assets. J. Monetary Econom. 35(3):389–411.Crossref, Google Scholar
- (1997) Measuring the benefits of homeowning: Effects on children. J. Urban Econom. 41(3):441–461.Crossref, Google Scholar
- (2021) The marginal effect of government mortgage guarantees on homeownership. J. Monetary Econom. 119:75–89.Crossref, Google Scholar
- (2002) Mitigating information externalities in mortgage markets: The role of government-sponsored enterprises. Cityscape 6(1):115–143.Google Scholar
- (2011) Inside and Outside Liquidity (MIT Press, Cambridge, MA).Crossref, Google Scholar
- (2016) Regional redistribution through the US mortgage market. Amer. Econom. Rev. 106(10):2982–3028.Crossref, Google Scholar
- (2013) Housing, mortgage bailout guarantees and the macro economy. J. Monetary Econom. 60(8):917–935.Crossref, Google Scholar
- (2010) Did securitization lead to lax screening? Evidence from subprime loans. Quart. J. Econom. 125(1):307–362.Crossref, Google Scholar
- (1990) The dynamics of credit markets in a model with learning. J. Monetary Econom. 26(2):305–318.Crossref, Google Scholar
- (1993) A model of redlining. J. Urban Econom. 33(2):223–234.Crossref, Google Scholar
- (2022) Is GSE reform dead? Joint Center for Housing Studies working paper, Harvard University, Cambridge, MA.Google Scholar
- (1998) Information externalities and home mortgage underwriting. J. Urban Econom. 44(3):317–332.Crossref, Google Scholar
- (2011) Informed and uninformed investment in housing: The downside of diversification. Rev. Financial Stud. 24(5):1447–1480.Crossref, Google Scholar
- (1986) The allocation of credit and financial collapse. Quart. J. Econom. 101(3):455–470.Crossref, Google Scholar
- (2009) The consequences of mortgage credit expansion: Evidence from the U.S. mortgage default crisis. Quart. J. Econom. 124(4):1449–1496.Crossref, Google Scholar
- (2002) The effects of purchases of mortgages and securitization by government sponsored enterprises on mortgage yield spreads and volatility. J. Real Estate Finance Econom. 25(2):173–195.Crossref, Google Scholar
- New York Times (2016) Penalty against Bank of America overturned in mortgage case (May 23), https://www.nytimes.com/2016/05/24/business/dealbook/penalty-against-bank-of-america-overturned-in-mortgage-case.html.Google Scholar
- (2013) Are lending relationships beneficial or harmful for public credit guarantees? Evidence from Japan’s emergency credit guarantee program. J. Financial Stability 9(2):151–167.Crossref, Google Scholar
- (2021) Mortgage finance and climate change: Securitization dynamics in the aftermath of natural disasters. Rev. Financial Stud. 35(8):3617–3665.Crossref, Google Scholar
- (2002) The role of interest rates in influencing long-run homeownership rates. J. Real Estate Finance Econom. 25(2):243–267.Crossref, Google Scholar
- (2008) Loan sales and relationship banking. J. Finance 63(3):1291–1314.Crossref, Google Scholar
- (2013) Laying off credit risk: Loan sales vs. credit default swaps. J. Financial Econom. 107(1):25–45.Crossref, Google Scholar
- (2005) The GSE implicit subsidy and the value of government ambiguity. Real Estate Econom. 33(3):465–486.Crossref, Google Scholar
- (1988) Loan sales and the cost of bank capital. J. Finance 43(2):375–396.Crossref, Google Scholar
- (2012) Optimal interventions in markets with adverse selection. Amer. Econom. Rev. 102(1):1–28.Crossref, Google Scholar
- (2022) The importance of technology in banking during a crisis. J. Monetary Econom. 128:88–104.Crossref, Google Scholar
- (2020) What to do about Fannie and Freddie: A primer on housing finance reform. Econom. Rev. 105(2), 10.18651/ER/v105n2Rappaport.Google Scholar
- (2017) A study of RMBS litigation cases of six major U.S. banks. J. Structured Finance 23(3):91–99.Crossref, Google Scholar
- (2016) Crowding out effects of refinancing on new purchase mortgages. Rev. Indust. Organ. 48(2):209–239.Crossref, Google Scholar
- (1981) Credit rationing in markets with imperfect information. Amer. Econom. Rev. 71(3):393–410.Google Scholar
- The U.S. Attorney’s Office (2012) Manhattan U.S. Attorney sues Bank of America for over $1 billion for multi-year mortgage fraud against Government Sponsored Entities Fannie Mae and Freddie Mac (October 24), https://www.justice.gov/archive/usao/nys/pressreleases/October12/BankofAmericanSuit.php.Google Scholar
- (2012) Overcoming adverse selection: How public intervention can restore market functioning. Amer. Econom. Rev. 102(1):29–59.Crossref, Google Scholar
- (2017) The downside of asset screening for market liquidity. J. Finance 72(5):1937–1982.Crossref, Google Scholar
- (2019) Government guarantees of loans to small businesses: Effects on banks’ risk-taking and non-guaranteed lending. J. Financial Intermediation 37:45–57.Crossref, Google Scholar
- (2003) Institutional liquidity needs and the structure of monitored finance. Rev. Financial Stud. 16(4):1273–1313.Crossref, Google Scholar

