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Liquidity Crises in the Mortgage Market
Brookings Papers on Economic Activity ( IF 7.914 ) Pub Date : 2018-01-01 , DOI: 10.1353/eca.2018.0004
You Suk Kim , Steven M. Laufer , Richard Stanton , Nancy Wallace , Karen Pence

ABSTRACT:Nonbanks originated about half of all mortgages in 2016, and 75 percent of the mortgages insured by the FHA and the VA. Both shares are much higher than those observed at any point in the 2000s. In this paper, we describe how nonbank mortgage companies are vulnerable to liquidity pressures in both their loan origination and servicing activities, and we document that this sector in the aggregate appears to have minimal resources to bring to bear in an adverse scenario. We show how the same liquidity issues unfolded during the financial crisis, leading to the failure of many nonbank companies, requests for government assistance, and harm to consumers. The high share of nonbank lenders in FHA and VA lending suggests that the government has significant exposure to the vulnerabilities of nonbank lenders, but this issue has received very little attention in the housing reform debate.

中文翻译:

抵押市场的流动性危机

摘要:2016年,非银行来源的抵押贷款约占全部抵押贷款的一半,而联邦住房管理局(FHA)和弗吉尼亚州(VA)承保的抵押贷款占75%。两者的份额都远高于2000年代任何时候观察到的份额。在本文中,我们描述了非银行抵押公司在其贷款发起和服务活动中如何容易受到流动性压力的影响,并且我们证明该部门总体看来在不利情况下几乎没有资源可承受。我们展示了在金融危机期间相同的流动性问题是如何发生的,导致许多非银行公司倒闭,要求政府提供援助以及对消费者造成伤害。非银行贷款人在FHA和VA贷款中所占的比例很高,这表明政府对非银行贷款人的脆弱性具有重大风险,
更新日期:2018-01-01
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