The Financing of Debt Relief: Intermediary Liquidity and the Value of Borrower Information

Arka Prava Bandyopadhyay · 2026 · SSRN Electronic Journal

DOI: 10.2139/ssrn.7534498 · cited by 0 works (OpenAlex) · open-access PDF

Spanish

Estudio cómo la liquidez intermedia afecta la resolución de las hipotecas utilizando 1.9 millones de opciones de compra de Ginnie Mae de 2019 a 2022.Cuando los mercados de financiación congelaron en 2020, los emisores no bancarios compraron mucho menos préstamos delincuentes que los depósitos que sirven préstamos en los mismos puertos y, dentro del mismo emisor y mes, cambiaron las repoblaciones de los grandes saldos, los préstamos que requieren más efectivo. Alrededor de $ 19 mil millones de repoblaciones se retrasaron, y la mayoría se completaron más tarde. Un modelo de racionamiento por valor por dólar de efectivo explica este patrón y muestra que la información del prestatario es más valiosa cuando se

Machine translation (Meta M2M100); the English original follows.

Abstract

I study how intermediary liquidity affects mortgage resolution using 1.9 million Ginnie Mae buyout options from 2019 to 2022. When funding markets froze in 2020, nonbank issuers repurchased far fewer delinquent loans than depositories servicing loans in the same pools and, within the same issuer and month, shifted repurchases away from large balances, the loans that require the most cash. About $19 billion of repurchases were delayed, and most were completed later. A model of rationing by value per dollar of cash explains this pattern and shows that borrower information is most valuable when f

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Topics: Market liquidity, Debt, Liberian dollar, Cash, Value (mathematics), Business

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