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- Title
Securitization Market Share and Bank Mortgages.
- Authors
Orzechowski, Paul E.
- Abstract
This study focuses on the relationship between the growth in securitized mortgages and bank-held mortgages from 1976 to mid-2004. Market share ratios are developed from the Federal Reserve's Financial Accounts of the United States, which estimates the U.S. securitization market share of aggregated mortgages separately from the bank-held mortgage share of aggregated mortgages. The results of the study show that the growth rates in the market share of securitized mortgages in the U.S. appear to be pro-cyclical with the growth rates of bank-held mortgages at smaller asset-size banks, despite the relative decline in the overall ratio of bank-held mortgages to total mortgages. The growth of the securitization market share may also reduce the effectiveness of monetary policy on bank real estate loans at small banks.
- Subjects
UNITED States; ASSET backed financing; MORTGAGE loans; BANK loans; MONETARY policy; MORTGAGES
- Publication
Banking & Finance Review, 2016, Vol 8, Issue 1, p21
- ISSN
1947-7945
- Publication type
Article