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The impact of securitization on the expansion of subprime credit

机译：证券化对次级抵押贷款扩张的影响

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This paper investigates the relationship between securitization activity and the extension of subprime credit. The analysis is motivated by two sets of compelling empirical facts. First, the origination of subprime mortgages exploded between the years 2003 and 2005. Second, the securitization of subprime loans increased substantially over the same time period, driven primarily by the five largest independent broker/dealer investment banks. We argue that the relative shift in the securitization activity of investment banks was driven by forces exogenous to factors impacting lending decisions in the primary mortgage market and resulted in lower ZIP code denial rates, higher subprime origination rates, and higher subsequent default rates. Consistent with recent findings in the literature, we provide evidence that the increased securitization activity of investment banks reduced lenders' incentives to carefully screen borrowers.
机译：本文研究了证券化活动与次贷信用扩展之间的关系。该分析是基于两组令人信服的经验事实。首先，次级抵押贷款的来源在2003年至2005年间激增。其次，次级抵押贷款的证券化在同一时期显着增加，这主要是由五个最大的独立经纪人/经销商投资银行推动的。我们认为，投资银行证券化活动的相对变化是由影响主要抵押贷款市场贷款决策的外在因素驱动的，并导致较低的邮政编码拒绝率，较高的次级抵押贷款发起率和较高的后续违约率。与文献中的最新发现一致，我们提供了证据，表明投资银行证券化活动的增加减少了贷方细心筛选借款人的动机。

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