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Securitization, loan sales, and the credit slowdown

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  • Richard Cantor
  • Rebecca Demsetz

Abstract

Household and business lending has slowed sharply in recent years, but the anemic growth in loans booked at depository institutions, mortgage companies, and finance companies may overstate the decline in credit originated by these institutions. This article reports measures of credit growth that include "off-balance-sheet lending"—loans that were originated by intermediaries but are absent from their balance sheets because of direct loan sales or the issuance of asset-backed securities. The authors also compare the relative volume of off-balance-sheet lending by types of intermediaries.

Suggested Citation

  • Richard Cantor & Rebecca Demsetz, 1993. "Securitization, loan sales, and the credit slowdown," Quarterly Review, Federal Reserve Bank of New York, issue Sum, pages 27-38.
  • Handle: RePEc:fip:fednqr:y:1993:i:sum:p:27-38:n:v.18no.2
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    File URL: http://www.newyorkfed.org/research/quarterly_review/1993v18/v18n2article3.pdf
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    Cited by:

    1. Gorton, Gary B. & Pennacchi, George G., 1995. "Banks and loan sales Marketing nonmarketable assets," Journal of Monetary Economics, Elsevier, vol. 35(3), pages 389-411, June.
    2. Reagle, Derrick, 2006. "Back on the balance sheet: The tax effects of contingent claims in commercial banking," Review of Financial Economics, Elsevier, vol. 15(1), pages 19-27.

    More about this item

    Keywords

    Asset-backed financing ; Credit ; Bank loans;

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