Name: Finance and Economics Discussion Series: Differences Across Originators in Cmbs Loan Underwriting (en Inglés)
Price: 90269.00 COP
Availability: InStock
Author: Black, Lamont K. ; United States Federal Reserve Board ; Et Al
ISBN: 9781288702602

portada Finance and Economics Discussion Series: Differences Across Originators in Cmbs Loan Underwriting (en Inglés)

Formato

Libro Físico

Autor

Patxi Zabaleta

United States Federal Reserve Board

Lamont K. Black

Editorial

Bibliogov

Idioma

Inglés

N° páginas

Encuadernación

Tapa Blanda

Dimensiones

24.6 x 18.9 x 0.2 cm

Peso

0.09 kg.

ISBN13

9781288702602

Categorías

Política y gobierno

Finance and Economics Discussion Series: Differences Across Originators in Cmbs Loan Underwriting (en Inglés)

Patxi Zabaleta (Autor) · United States Federal Reserve Board (Autor) · Lamont K. Black (Autor) · Bibliogov · Tapa Blanda

Libro Físico

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Reseña del libro "Finance and Economics Discussion Series: Differences Across Originators in Cmbs Loan Underwriting (en Inglés)"

Differences in the organizational structure of CMBS loan originators may reflect differences in the incentives they face for underwriting risky loans. We treat an originator's type--that is, commercial bank, investment bank, insurance company, finance company, conduit lender, or foreign-owned entity--as a proxy for incentives related to warehousing risk, balance sheet lending, and regulatory constraints. After controlling for observable credit characteristics of over 30,000 loans securitized into CMBS after 1999, we find considerable differences in loan performance across originator types. The results suggest that moral hazard--captured by lack of warehousing risk-negatively affected the quality of loans underwritten by conduit lenders. On the other hand, despite opportunities for adverse selection, balance sheet lenders--commercial banks, insurance companies and finance companies--actually underwrote higher quality loans.