In response to the near collapse of US securitization markets in
2008, the Federal Reserve created the Term Asset-Backed Securities
Loan Facility, which offered non-recourse loans to finance
investors' purchases of certain highly rated asset-backed
securities. We study the effects of this program and find that it
lowered interest rate spreads for some categories of asset-backed
securities but had little impact on the pricing of individual
securities. These findings suggest that the program improved
conditions in securitization markets but did not subsidize
individual securities. We also find that the risk of loss to the US
government was small.
General
Imprint: |
Bibliogov
|
Country of origin: |
United States |
Release date: |
February 2013 |
First published: |
February 2013 |
Authors: |
Sean Campbell
|
Dimensions: |
246 x 189 x 3mm (L x W x T) |
Format: |
Paperback - Trade
|
Pages: |
46 |
ISBN-13: |
978-1-288-70227-5 |
Categories: |
Books >
Social sciences >
Politics & government >
General
|
LSN: |
1-288-70227-2 |
Barcode: |
9781288702275 |
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