Mortgage-Backed Revenue Bond - Definition
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Academic Research on Mortgage-backed Revenue Bond Where did the risk go? How misappliedbondratings causemortgage backedsecurities and collateralized debt obligation market disruptions, Mason, J. R., & Rosner, J. (2007). Where did the risk go? How misapplied bond ratings cause mortgage backed securities and collateralized debt obligation market disruptions. Credit ratings and the evolution of themortgage-backedsecurities market, He, J., Qian, J., & Strahan, P. E. (2011). Credit ratings and the evolution of the mortgage-backed securities market.American Economic Review,101(3), 131-35. This paper compares the structure and performance of private (non-GSE) mortgage-backed securities sold by large issuers vs. those sold by small issuers over the period 2000-2006. The paper aims to show that rating agencies grant favorable ratings to large issuers, especially during market booms. Laying the foundations for a crisis: Mapping the historicogeographical construction of residentialmortgage backedsecuritization in the UK, Wainwright, T. (2009). Laying the foundations for a crisis: Mapping the historicogeographical construction of residential mortgage backed securitization in the UK.International Journal of Urban and Regional Research,33(2), 372-388. This article will explore the geographical origins of Residential Mortgage Backed Securitization (RMBS) in the United States and map the subsequent migration of RMBS, as idea, technology and investment vehicle, to the United Kingdom and other nationstates during the 1990s. The article focuses particularly on how the current significance of securitization and RMBS can be traced back to the Big Bang and the wider processes of the competitive reregulation of the City of London and the British financial system more generally during the mid1980s. An option-theoretic prepayment model for mortgages andmortgage-backedsecurities, Kalotay, A., Yang, D., & Fabozzi, F. J. (2004). An option-theoretic prepayment model for mortgages and mortgage-backed securities.International Journal of Theoretical and Applied Finance,7(08), 949-978. This paper introduces a new approach for modeling the prepayments of a mortgage pool and show how it can be used to value mortgage pools and agency mortgage-backed securities. It describes the full spectrum of refinancing behavior using a notion of refinancing efficiency. Are all ratings created equal? The impact of issuer size on the pricing ofmortgagebackedsecurities, He, J., Qian, J., & Strahan, P. E. (2012). Are all ratings created equal? The impact of issuer size on the pricing of mortgagebacked securities.The Journal of Finance,67(6), 2097-2137. This study examines whether rating agencies (Moody's, S&P, and Fitch) reward large issuers of mortgage-backed securities, who bring substantial business, by granting them unduly favorable ratings. The paper aims to show that large issuers receive more favorable ratings and that the market prices the risk of inflated ratings, especially during booming periods. BALANCING PRIVATE AND PUBLIC INITIATIVES IN THEMORTGAGEBACKEDSECURITY MARKET, Lance, A. (1983). BALANCING PRIVATE AND PUBLIC INITIATIVES IN THE MORTGAGEBACKED SECURITY MARKET.Real Property, Probate and Trust Journal, 426-446. Globalization ofMortgage-BackedSecurities, Fernandez, H. A. (1987). Globalization of Mortgage-Backed Securities.Colum. Bus. L. Rev., 357. Mortgage-backedsecurities & collateralized mortgage obligations: Prudent cra investment opportunities, Kelman, A., & Sales, S. (2002). Mortgage-backed securities & collateralized mortgage obligations: Prudent cra investment opportunities.Community Investments,14(1), 20-23. Are coveredbondsa substitute formortgage-backedsecurities?, Carb-Valverde, S., Rodriguez-Fernandez, F., & Rosen, R. J. (2013). Are covered bonds a substitute for mortgage-backed securities?. The prepayment risk ofmortgage-backedsecurities, Becketti, S. (1988). The prepayment risk of mortgage-backed securities.Federal Reserve Bulletin,74(12).