Mortgage Securitization and Shadow Bank Lending
成果类型：
Article
署名作者：
Gete, Pedro; Reher, Michael
署名单位：
IE University; University of California System; University of California San Diego
刊物名称：
REVIEW OF FINANCIAL STUDIES
ISSN/ISSBN：
0893-9454
DOI：
10.1093/rfs/hhaa088
发表日期：
2021
页码：
2236
关键词：
摘要：
We show how securitization affects the size of the nonbank lending sector through a novel price-based channel. We identify the channel using a regulatory spillover shock to the cross-section of mortgage-backed security prices: the U.S. liquidity coverage ratio. The shock increases secondary market prices for FHA-insured loans by granting them favorable regulatory status once securitized. Higher prices lower nonbanks' funding costs, prompting them to loosen lending standards and originate more FHA-insured loans. This channel accounts for 22% of nonbanks' growth in overall mortgage market share over 2013-2015. While the shock creates risks for financial stability, homeownership also increases.