打印

作者

Brent W. Ambrose;Moussa Diop;Walter D’Lima;Mark Thibodeau

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.59,Issue4,P.515-548

语言

英文

关键字

Mortgage securitization;Institutional investors;Non-agency mortgage market;MBS affiliation;Information asymmetry;R3;R31;R38

作者单位

The Pennsylvania State UniversityUniversity ParkUSA;University of Wisconsin-MadisonMadisonUSA;Old Dominion UniversityNorfolkUSA

摘要

We expand the debate on incentives embedded in the originate-to-distribute lending model by presenting evidence on the placement of mortgage-backed securities (MBS) with mutual funds. We do so by capitalizing on a unique testing platform encompassing institutional holdings of private-label MBS and their corresponding underlying collateral risk characteristics. We explore MBS placement based on a funds’ potential access to information underlying deals as measured by affiliation to the deal’s underwriter/issuer and vertical integration in securitization.