Securitization and the Declining Impact of Bank Finance on Loan Supply: Evidence from Mortgage Originations

• 成果类型: Article
• 署名作者: Loutskina, Elena; Strahan, Philip E.
• 署名单位: University of Virginia; Boston College; University of Pennsylvania; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/j.1540-6261.2009.01451.x
• 发表日期: 2009
• 页码: 861-889
• 关键词: CAPITAL-MARKET FRICTIONS; lending relationships; constraints; borrowers; distance; CRISIS; funds

摘要

Low-cost deposits and increased balance sheet liquidity raise banks' supply of illiquid loans more than loans easily sold or securitized. We exploit the inability of Fannie Mae and Freddie Mac to purchase jumbo mortgages to identify an exogenous change in liquidity. The volume of jumbo mortgage originations relative to nonjumbo originations increases with bank holdings of liquid assets and decreases with bank deposit costs. This result suggests that the increasing depth of the mortgage secondary market fostered by securitization has reduced the effect of lender's financial condition on credit supply.