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Why Don’t Lenders Renegotiate More Home Mortgages? The Effect of Securitization

Why Don’t Lenders Renegotiate More Home Mortgages? The Effect of Securitization


Abstract:

Securitization does not explain the reluctance among lenders to renegotiate home mortgages. We focus on seriously delinquent borrowers from 2005 through the third quarter of 2008 and show that servicers renegotiate similarly small fractions of securitized and portfolio loans. The results are robust toseveral different definitions of renegotiation and hold in subsamples where unobserved heterogeneity is likely to be small. We argue that information issues endemic to home mortgages where lenders negotiatewith large numbers of borrowers lead to barriers to renegotiation fundamentally different from thosepresent with other types of debt.

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