Credit securitization decisions
Government Sponsor Enterprises (GSEs) purchase mor tgage loans from approved lenders, either for cash or in exchange for a mortgage-backed security that comprises thoseloans.TheGSEs guarantee timelypayment ofinter est and principal. The mortgage seller may then hold that security or sell it. A funda...
- Autores:
-
Sarmiento, Camilo
- Tipo de recurso:
- Article of journal
- Fecha de publicación:
- 2012
- Institución:
- Escuela Colombiana de Ingeniería Julio Garavito
- Repositorio:
- Repositorio Institucional ECI
- Idioma:
- eng
- OAI Identifier:
- oai:repositorio.escuelaing.edu.co:001/2588
- Acceso en línea:
- https://repositorio.escuelaing.edu.co/handle/001/2588
https://repositorio.escuelaing.edu.co/
- Palabra clave:
- Titulización
Securitización
Préstamos bancarios
Créditos bancarios
Bank loans
Bank credits
securitization
GSE
portfolio
risk
- Rights
- closedAccess
- License
- http://purl.org/coar/access_right/c_14cb
| id |
ESCUELAIG2_32a55ddc9694d70f0ecf03a656ee4dc2 |
|---|---|
| oai_identifier_str |
oai:repositorio.escuelaing.edu.co:001/2588 |
| network_acronym_str |
ESCUELAIG2 |
| network_name_str |
Repositorio Institucional ECI |
| repository_id_str |
|
| dc.title.eng.fl_str_mv |
Credit securitization decisions |
| title |
Credit securitization decisions |
| spellingShingle |
Credit securitization decisions Titulización Securitización Préstamos bancarios Créditos bancarios Bank loans Bank credits securitization GSE portfolio risk |
| title_short |
Credit securitization decisions |
| title_full |
Credit securitization decisions |
| title_fullStr |
Credit securitization decisions |
| title_full_unstemmed |
Credit securitization decisions |
| title_sort |
Credit securitization decisions |
| dc.creator.fl_str_mv |
Sarmiento, Camilo |
| dc.contributor.author.none.fl_str_mv |
Sarmiento, Camilo |
| dc.contributor.researchgroup.spa.fl_str_mv |
Centro de Estudios Económicos |
| dc.subject.armarc.none.fl_str_mv |
Titulización Securitización Préstamos bancarios Créditos bancarios Bank loans Bank credits |
| topic |
Titulización Securitización Préstamos bancarios Créditos bancarios Bank loans Bank credits securitization GSE portfolio risk |
| dc.subject.proposal.eng.fl_str_mv |
securitization GSE portfolio risk |
| description |
Government Sponsor Enterprises (GSEs) purchase mor tgage loans from approved lenders, either for cash or in exchange for a mortgage-backed security that comprises thoseloans.TheGSEs guarantee timelypayment ofinter est and principal. The mortgage seller may then hold that security or sell it. A fundamental component of loan securitization decisions is the economic environment. To balance capital requirements and manage credit risk, lenders slice and dice mortgages for securitization versus holding unsecured loans for investment in their portfolios. This article estimates factors that explain credit securitization decisions with GSEs. Using secur itization data from 2005 to 2009, we show the impact that House Price (HP) trends have on decisions of banks to securitize new originations with GSEs. For the analysis, we also measure the preferences of banks to securitize certain loan products as well as the role of note rate spreads on credit securitization decisions. |
| publishDate |
2012 |
| dc.date.issued.none.fl_str_mv |
2012 |
| dc.date.accessioned.none.fl_str_mv |
2023-08-23T15:04:04Z |
| dc.date.available.none.fl_str_mv |
2023-08-23T15:04:04Z |
| dc.type.spa.fl_str_mv |
Artículo de revista |
| dc.type.coar.fl_str_mv |
http://purl.org/coar/resource_type/c_2df8fbb1 |
| dc.type.coarversion.fl_str_mv |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
| dc.type.version.spa.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
| dc.type.coar.spa.fl_str_mv |
http://purl.org/coar/resource_type/c_6501 |
| dc.type.content.spa.fl_str_mv |
Text |
| dc.type.driver.spa.fl_str_mv |
info:eu-repo/semantics/article |
| format |
http://purl.org/coar/resource_type/c_6501 |
| status_str |
publishedVersion |
| dc.identifier.issn.spa.fl_str_mv |
1350-4851 |
| dc.identifier.uri.none.fl_str_mv |
https://repositorio.escuelaing.edu.co/handle/001/2588 |
| dc.identifier.eissn.spa.fl_str_mv |
1466-4291 |
| dc.identifier.instname.spa.fl_str_mv |
Universidad Escuela Colombiana de Ingeniería Julio Garavito |
| dc.identifier.reponame.spa.fl_str_mv |
Repositorio Digital |
| dc.identifier.repourl.spa.fl_str_mv |
https://repositorio.escuelaing.edu.co/ |
| identifier_str_mv |
1350-4851 1466-4291 Universidad Escuela Colombiana de Ingeniería Julio Garavito Repositorio Digital |
| url |
https://repositorio.escuelaing.edu.co/handle/001/2588 https://repositorio.escuelaing.edu.co/ |
| dc.language.iso.spa.fl_str_mv |
eng |
| language |
eng |
| dc.relation.citationedition.spa.fl_str_mv |
Vol. 19 No. 1 de 2012 |
| dc.relation.citationendpage.spa.fl_str_mv |
56 |
| dc.relation.citationissue.spa.fl_str_mv |
1 |
| dc.relation.citationstartpage.spa.fl_str_mv |
53 |
| dc.relation.citationvolume.spa.fl_str_mv |
19 |
| dc.relation.indexed.spa.fl_str_mv |
N/A |
| dc.relation.ispartofjournal.eng.fl_str_mv |
Applied Economics Letters |
| dc.relation.references.spa.fl_str_mv |
Deng, Y., Quigley, J. M. and van Order, R. (2000) Mortgage terminations, heterogeneity, and the exercise of mort gage options, Econometrica, 68, 275–307. Elul, R. (2009) Securitization and the mortgage default: reputation vs. adverse selection, Working Papers, No. 09–21, Federal Reserve Bank of Philadelphia, Philadelphia, PA Fabozzi, F. J. (Ed.) (2006) Handbook of Mortgage-Backed Securities, 6th edn, McGraw-Hill, New York. Foote, C. L., Gerardi, K., Goette, L. and Willen, P. S. (2009) Reducing foreclosures, Public Policy Discussion Paper No. 09-2, Federal Reserve Bank of Boston, Boston, MA. Sarmiento, C. (2009) Pricing delinquent loans, Applied Economics Letters, 16, 1313–27. |
| dc.rights.coar.fl_str_mv |
http://purl.org/coar/access_right/c_14cb |
| dc.rights.accessrights.spa.fl_str_mv |
info:eu-repo/semantics/closedAccess |
| eu_rights_str_mv |
closedAccess |
| rights_invalid_str_mv |
http://purl.org/coar/access_right/c_14cb |
| dc.format.extent.spa.fl_str_mv |
4 páginas |
| dc.format.mimetype.spa.fl_str_mv |
application/pdf |
| dc.publisher.spa.fl_str_mv |
Routledge Taylor and Francis Group |
| dc.source.spa.fl_str_mv |
http://www.informaworld.com |
| institution |
Escuela Colombiana de Ingeniería Julio Garavito |
| bitstream.url.fl_str_mv |
https://repositorio.escuelaing.edu.co/bitstream/001/2588/4/Credit%20securitization%20decisions.pdf.txt https://repositorio.escuelaing.edu.co/bitstream/001/2588/3/caratula%20credit%20securitization%20decisions.JPG https://repositorio.escuelaing.edu.co/bitstream/001/2588/5/Credit%20securitization%20decisions.pdf.jpg https://repositorio.escuelaing.edu.co/bitstream/001/2588/2/license.txt https://repositorio.escuelaing.edu.co/bitstream/001/2588/1/Credit%20securitization%20decisions.pdf |
| bitstream.checksum.fl_str_mv |
348b87d81a269b7bbeb30a6968c0fe69 90271e46331e4380e450704a5e38e23e 9f46567f9029a441e7c4768e1278722f 5a7ca94c2e5326ee169f979d71d0f06e 42455d197fa8714f19068e1e175b5ca6 |
| bitstream.checksumAlgorithm.fl_str_mv |
MD5 MD5 MD5 MD5 MD5 |
| repository.name.fl_str_mv |
Repositorio Escuela Colombiana de Ingeniería Julio Garavito |
| repository.mail.fl_str_mv |
repositorio.eci@escuelaing.edu.co |
| _version_ |
1814355607705092096 |
| spelling |
Sarmiento, Camiloa48a67bcfacaaa8d4773d8fd3f6d85acCentro de Estudios Económicos2023-08-23T15:04:04Z2023-08-23T15:04:04Z20121350-4851https://repositorio.escuelaing.edu.co/handle/001/25881466-4291Universidad Escuela Colombiana de Ingeniería Julio GaravitoRepositorio Digitalhttps://repositorio.escuelaing.edu.co/Government Sponsor Enterprises (GSEs) purchase mor tgage loans from approved lenders, either for cash or in exchange for a mortgage-backed security that comprises thoseloans.TheGSEs guarantee timelypayment ofinter est and principal. The mortgage seller may then hold that security or sell it. A fundamental component of loan securitization decisions is the economic environment. To balance capital requirements and manage credit risk, lenders slice and dice mortgages for securitization versus holding unsecured loans for investment in their portfolios. This article estimates factors that explain credit securitization decisions with GSEs. Using secur itization data from 2005 to 2009, we show the impact that House Price (HP) trends have on decisions of banks to securitize new originations with GSEs. For the analysis, we also measure the preferences of banks to securitize certain loan products as well as the role of note rate spreads on credit securitization decisions.Las Empresas Patrocinadoras del Gobierno (GSE) compran préstamos hipotecarios de prestamistas aprobados, ya sea en efectivo o a cambio de un título respaldado por hipotecas que comprende esos préstamos. Las GSE garantizan el pago oportuno de los intereses y el principal. El vendedor de la hipoteca puede entonces conservar ese valor o venderlo. Un componente fundamental de las decisiones de titulización de préstamos es el entorno económico. Para equilibrar los requisitos de capital y gestionar el riesgo crediticio, los prestamistas dividen las hipotecas para su titulización en lugar de mantener préstamos no garantizados para invertir en sus carteras. Este artículo estima los factores que explican las decisiones de titulización de créditos con GSE. Utilizando datos de titulización de 2005 a 2009, mostramos el impacto que tienen las tendencias del precio de la vivienda (HP) en las decisiones de los bancos de titularizar nuevas originaciones con GSE. Para el análisis, también medimos las preferencias de los bancos para titulizar ciertos productos crediticios, así como el papel de los diferenciales de tasas de interés en las decisiones de titulización de crédito.4 páginasapplication/pdfengRoutledge Taylor and Francis Grouphttp://www.informaworld.comCredit securitization decisionsArtículo de revistainfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Textinfo:eu-repo/semantics/articlehttp://purl.org/coar/version/c_970fb48d4fbd8a85Vol. 19 No. 1 de 20125615319N/AApplied Economics LettersDeng, Y., Quigley, J. M. and van Order, R. (2000) Mortgage terminations, heterogeneity, and the exercise of mort gage options, Econometrica, 68, 275–307.Elul, R. (2009) Securitization and the mortgage default: reputation vs. adverse selection, Working Papers, No. 09–21, Federal Reserve Bank of Philadelphia, Philadelphia, PAFabozzi, F. J. (Ed.) (2006) Handbook of Mortgage-Backed Securities, 6th edn, McGraw-Hill, New York.Foote, C. L., Gerardi, K., Goette, L. and Willen, P. S. (2009) Reducing foreclosures, Public Policy Discussion Paper No. 09-2, Federal Reserve Bank of Boston, Boston, MA.Sarmiento, C. (2009) Pricing delinquent loans, Applied Economics Letters, 16, 1313–27.info:eu-repo/semantics/closedAccesshttp://purl.org/coar/access_right/c_14cbTitulizaciónSecuritizaciónPréstamos bancariosCréditos bancariosBank loansBank creditssecuritizationGSEportfolioriskTEXTCredit securitization decisions.pdf.txtCredit securitization decisions.pdf.txtExtracted texttext/plain11355https://repositorio.escuelaing.edu.co/bitstream/001/2588/4/Credit%20securitization%20decisions.pdf.txt348b87d81a269b7bbeb30a6968c0fe69MD54open accessTHUMBNAILcaratula credit securitization decisions.JPGcaratula credit securitization decisions.JPGimage/jpeg81707https://repositorio.escuelaing.edu.co/bitstream/001/2588/3/caratula%20credit%20securitization%20decisions.JPG90271e46331e4380e450704a5e38e23eMD53open accessCredit securitization decisions.pdf.jpgCredit securitization decisions.pdf.jpgGenerated Thumbnailimage/jpeg7770https://repositorio.escuelaing.edu.co/bitstream/001/2588/5/Credit%20securitization%20decisions.pdf.jpg9f46567f9029a441e7c4768e1278722fMD55metadata only accessLICENSElicense.txtlicense.txttext/plain; charset=utf-81881https://repositorio.escuelaing.edu.co/bitstream/001/2588/2/license.txt5a7ca94c2e5326ee169f979d71d0f06eMD52open accessORIGINALCredit securitization decisions.pdfCredit securitization decisions.pdfapplication/pdf369142https://repositorio.escuelaing.edu.co/bitstream/001/2588/1/Credit%20securitization%20decisions.pdf42455d197fa8714f19068e1e175b5ca6MD51metadata only access001/2588oai:repositorio.escuelaing.edu.co:001/25882024-07-31 03:01:33.069metadata only accessRepositorio Escuela Colombiana de Ingeniería Julio Garavitorepositorio.eci@escuelaing.edu.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 |