Securitization and Mortgage Renegotiation: Evidence from the Great Depression
利用纽约市大都会区的贷款数据，研究大萧条期间贷款人是否通过让步性修改来防止止赎，发现几乎没有本金减免，表明住宅抵押贷款重新谈判存在重大障碍，且证券化并非主要原因。
We use loan-level data from the New York City metropolitan area to examine the extent to which lenders attempted to prevent foreclosures with concessionary modifications during the Great Depression. We find no principal forgiveness in the sample and only a handful of concessionary mortgage modifications of other types. Far more mortgages terminated through foreclosure than received any sort of concessionary modification. The results indicate that there are significant impediments to renegotiation of residential mortgages beyond securitization. As such, less renegotiation seems unlikely to be a major cost of securitization of residential mortgages. The Author 2011. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.