التفاصيل البيبلوغرافية
العنوان: |
Creditor protection and credit ratings in the US RMBS market. |
المؤلفون: |
van Breemen, Vivian M., Fabozzi, Frank J., Nawas, Mike, Vink, Dennis |
المصدر: |
Financial Markets, Institutions & Instruments; Aug2024, Vol. 33 Issue 3, p267-292, 26p |
مصطلحات موضوعية: |
CREDIT ratings, DEBTOR & creditor, RESIDENTIAL mortgage-backed securities, BOND ratings |
الشركة/الكيان: |
STANDARD & Poor's Financial Services LLC |
مستخلص: |
More than a dozen years after the Dodd‐Frank Act was introduced, we investigate whether credit ratings for the US residential mortgage‐backed securities (RMBS) market differ given the different levels of creditor protection across the US states. Our paper provides three results. First, for the period 2017–2020, we provide evidence that there is inconsistency between credit rating agencies (CRAs): only for Dominion Bond Rating Service Morningstar (DBRS) and Moody's, we observe that the credit ratings for securitization tranches differ given different creditor protection levels across states. Second, in states with higher creditor protection, the relatively new CRAs, DBRS and Kroll Bond Rating Agency (KBRA), are more likely to provide more optimistic ratings than CRAs historically present in the rating market (Moody's, S&P, and Fitch). Third, issuers appear to issue larger deals in US states that are more creditor friendly. [ABSTRACT FROM AUTHOR] |
|
Copyright of Financial Markets, Institutions & Instruments is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) |
قاعدة البيانات: |
Complementary Index |