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Platform competition of government sponsored enterprises and investment banks in mortgage securitization market

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  • Quan Gan

Abstract

This article examines platform competition in mortgage backed security market. This market is two-sided in its nature. Mortgage backed securities are used to attract mortgage buyers on one side and property buyers on the other side. While government sponsored enterprises (e.g. Freddie Mac) can only securitize conforming mortgages, investment banks can securitize any type of mortgage. A game theoretic framework is employed to characterize possible equilibria with and without government regulation on investment banks behaviour. Empirical policy implications are also discussed.

Suggested Citation

  • Quan Gan, 2012. "Platform competition of government sponsored enterprises and investment banks in mortgage securitization market," ERES eres2012_156, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2012_156
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2012-156
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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