【本期主题】The Effect of Mortgage Broker Licensing On Loan Origination Standards and Defaults under the Originate-to-Distribute Model:Evidence from the U.S. Mortgage Market

        By exploiting state-level variations, we examine whether stricter licensing requirements for loan brokers raise lending standards and consequently improve loan performances. Using data on private label securitized loans, we find that the requirements on registration, surety bonds, net worth, work experience, education, exam, and continuing education are all effective in raising loan origination standards. Requirements placed on employees are as effective as those on licensees. The effect is larger for subprime, low/no-doc, cash-out-refinance loans, and high-minority neighborhoods. These findings point to the value of broker regulation when lenders’incentives to screen are compromised under the originate-to-distribute model.
【报告人】石岚               华盛顿大学经济系助理教授
                                        芝加哥大学商学院商业经济学博士

【时   间】4月12日 上午10:00

【地   点】中国人民大学明德商学楼0602室

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报告人简介：

        石岚，华盛顿大学助理教授，北大光华管理学院访问研究员，芝加哥大学商学院商业经济学博士，研究方向为：代理理论、金融机构与市场、抵押融资、房地产金融、经济学等，在顶级学术期刊Journal of Public Economics, The B.E.Journal of Economic Analysis & Policy，Journal of Corporate Finance等发表多篇文章。石岚博士还是American Economic Review，Journal of Political Economy，Review of Economic Studies，Journal of Labor Economics，Rand Journal of Economics，Economic Inquiry，European Economic Review，Journal of Banking and Finance等顶级国际期刊的编审。
        更多详情请见：http://www.hanqing.ruc.edu.cn/de ... =9&iInfoID=1550

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