Securitization and the Declining Impact of Bank Finance on Loan Supply: Evidence from Mortgage Originations
利用房利美和房地美无法购买大额抵押贷款这一外生变化，发现银行流动性增加会提高大额贷款发放，而存款成本上升则降低之，表明证券化削弱了银行财务状况对信贷供给的影响。
ABSTRACT Low‐cost deposits and increased balance sheet liquidity raise banks' supply of illiquid loans more than loans easily sold or securitized. We exploit the inability of Fannie Mae and Freddie Mac to purchase jumbo mortgages to identify an exogenous change in liquidity. The volume of jumbo mortgage originations relative to nonjumbo originations increases with bank holdings of liquid assets and decreases with bank deposit costs. This result suggests that the increasing depth of the mortgage secondary market fostered by securitization has reduced the effect of lender's financial condition on credit supply.