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Credit Risk Transfer Is Not a Panacea for Fannie and Freddie
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- Article
- Abstract
- HEDGING UNEXPECTED AND CATASTROPHIC LOSSES
- GOVERNMENT’S ROLE IS TOO LARGE
- CRT IS PROCYCLICAL
- DEPTH AND LIQUIDITY
- TRANSFER OF UNEXPECTED AND CATASTROPHIC RISK
- PROCYCLICALITY OF FRONT-END CREDIT RISK TRANSFER
- COUNTERPARTY RISK
- NEED FOR PERMANENT AND STABLE EQUITY CAPITAL
- PROBLEMS WITH OVERRELIANCE ON CRT
- ENDNOTES
- Info & Metrics
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