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- W3213336711 abstract "We study the effect of securitization on servicers' asset liquidation decisions. Conditional on liquidation, we find houses financed by loans in private label securities were more likely to be liquidated via real estate owned (REO) transactions than houses financed by portfolio loans. We exploit this fundamental relationship in an instrumental variables specification to show each house liquidated via an REO instead of a short sale resulted in an additional 0.19 homeowner defaults within a 0.10-mile radius. Our findings provide new evidence of principal-agent conflicts introduced by securitization while highlighting their second-order effects on nearby default behavior and the real economy." @default.
- W3213336711 created "2021-11-22" @default.
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- W3213336711 date "2021-01-01" @default.
- W3213336711 modified "2023-10-18" @default.
- W3213336711 title "The effect of mortgage securitization on asset liquidation decisions" @default.
- W3213336711 doi "https://doi.org/10.2139/ssrn.3957658" @default.
- W3213336711 hasPublicationYear "2021" @default.
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