Did Securitization Lead to Riskier Corporate Lending? – Liberty Street Economics<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Jo\u00e3o Santos writes: There\u2019s ample evidence that securitization led mortgage lenders to take more risk, thereby contributing to a large increase in mortgage delinquencies during the financial crisis. In this post, I discuss evidence from a recent research study I undertook with Vitaly Bord suggesting that securitization also led to riskier corporate lending. We show … <\/p>\n
Continue reading “Did Securitization Lead to Riskier Corporate Lending? – Liberty Street Economics”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31],"tags":[355,2376,3065],"class_list":["post-6636","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","tag-bank-lending","tag-mortgage-lending","tag-securitization"],"yoast_head":"\nDid Securitization Lead to Riskier Corporate Lending? - Liberty Street Economics - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Did Securitization Lead to Riskier Corporate Lending? - Liberty Street Economics - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Jo\u00e3o Santos writes: There\u2019s ample evidence that securitization led mortgage lenders to take more risk, thereby contributing to a large increase in mortgage delinquencies during the financial crisis. 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The IMF has\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/china-private-debt.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/china-private-debt.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/china-private-debt.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":2367,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/26\/ny-fed-issues-mea-culpa-that-nobody-saw-at-6pm-on-black-friday-zerohedge\/","url_meta":{"origin":6636,"position":1},"title":"NY Fed Issues Mea Culpa That Nobody Saw at 6PM on Black Friday | ZeroHedge","author":"ColinTwiggs","date":"November 26, 2011","format":false,"excerpt":"The 3 big reasons the Fed had gotten it wrong: Misunderstanding of the housing boom. Staff analysis of the increase in house prices did not find convincing evidence of overvaluation (see, for example, McCarthy and Peach [2004] and Himmelberg, Mayer, and Sinai [2005]). Thus, we downplayed the risk of a\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26462,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/06\/22\/deflationistas-and-base-effects\/","url_meta":{"origin":6636,"position":2},"title":"Deflationistas and base effects","author":"Colin Twiggs","date":"June 22, 2021","format":false,"excerpt":"Deflationistas like respected economist David Rosenberg point to a sharp decline in bank credit over the past 12 months as evidence of deflation. By the end of April, commercial bank loans and leases had declined by $510 billion, or 4.7% of total, over the past 12 months. That would be\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10459,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/07\/30\/shilling-big-banks-shift-to-lower-gear-the-big-picture\/","url_meta":{"origin":6636,"position":3},"title":"Shilling: Big Banks Shift to Lower Gear | The Big Picture","author":"ColinTwiggs","date":"July 30, 2014","format":false,"excerpt":"Gary Shilling describes how US regulators are getting tough with big banks: Break-Up Like unscrambling an egg, it\u2019s hard to envision how big banks with many, many activities could be split up. But, of course, one of the arguments for doing so is they\u2019re too big and too complicated for\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Bank Price-to-Book Ratios","src":"https:\/\/i0.wp.com\/d21uq3hx4esec9.cloudfront.net\/uploads\/newsletters\/Image_5_20140730_OTB.gif?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/d21uq3hx4esec9.cloudfront.net\/uploads\/newsletters\/Image_5_20140730_OTB.gif?resize=350%2C200 1x, https:\/\/i0.wp.com\/d21uq3hx4esec9.cloudfront.net\/uploads\/newsletters\/Image_5_20140730_OTB.gif?resize=525%2C300 1.5x"},"classes":[]},{"id":15059,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/30\/apra-fiddles-while-housing-risks-grow\/","url_meta":{"origin":6636,"position":4},"title":"APRA fiddles while housing risks grow","author":"ColinTwiggs","date":"March 30, 2017","format":false,"excerpt":"From Westpac today (emphasis added): ....With the Reserve Bank sharing our caution around 2018, along with ample capacity in the labour market (unemployment rate is 5.9% compared to full employment rate of 5.0%) and stubbornly low wages growth, there is only scope to cut rates. But as we have argued\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15142,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/04\/12\/australia-financial-stability-rba\/","url_meta":{"origin":6636,"position":5},"title":"Australia: Financial Stability | RBA","author":"ColinTwiggs","date":"April 12, 2017","format":false,"excerpt":"Extract from the latest Financial Stability Review by the RBA: ....In Australia, vulnerabilities related to household debt and the housing market more generally have increased, though the nature of the risks differs across the country. Household indebtedness has continued to rise and some riskier types of borrowing, such as interest-only\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=6636"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6636\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=6636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=6636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=6636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}