scholarly journals Why Wasn’t there a Nonbank Mortgage Servicer Liquidity Crisis?

2021 ◽  
pp. 1-7
Author(s):  
Lara Loewenstein
Keyword(s):  
Liquidity Crisis ◽  
The Government ◽  
Mortgage Origination ◽  
Government Sponsored Enterprises

In March 2020, in the early days of the COVID-19 pandemic, many were concerned about the liquidity of nonbank mortgage servicers. As it turned out, the vast majority of these servicers did not face a liquidity crisis. In this Commentary I detail the reasons why, including lower than expected take up rates of forbearance, the role played by mortgage origination income, and the actions taken by the government-sponsored enterprises, Ginnie Mae, and housing agencies.

scholarly journals Innovation and the theory of fields

AMS Review ◽  
2021 ◽  
Author(s):  
Neil Fligstein
Keyword(s):  
Field Theory ◽  
Mortgage Market ◽  
Economic Theories ◽  
Mortgage Securitization ◽  
Savings And Loan ◽  
Private Banks ◽  
The Government ◽  
Theory Of Fields ◽  
Government Sponsored Enterprises ◽  
The U.S

AbstractInnovation does not just involve the creation of new products, but also includes the need for new kinds of processes and organizations. Field theory can help us understand why some innovations are more piecemeal and others more revolutionary. It explicitly links innovation to the process of the emergence, adjustment, and transformation of markets (conceived of as fields). To illustrate this perspective, the case of the transition in the U.S. from a mortgage market dominated by savings and loan banks to the emergence of mortgage securitization dominated by the government sponsored enterprises and the largest private banks, is explicated. Field theory helps us understand the logic of this transition and the myriad players and innovations that helped produce a large part of what we consider to be modern finance. The case also shows the limits of economic theories of financial innovation and the sociology of finance. I end with a discussion of how field theory can inform subsequent research on innovation.

What to Do about the Government-Sponsored Enterprises?

2012 ◽  
pp. 117-137
Author(s):  
Matthew Richardson ◽  
Dwight Jaffee ◽  
Matthew Richardson ◽  
Stijn Van Nieuwerburgh ◽  
Lawrence J. White ◽  
...  
Keyword(s):  
The Government ◽  
Government Sponsored Enterprises
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