Mortgage securitisation fuelled housing bubble: Bank of Spain paper

Madrid city council

A Bank of Spain paper published on Wednesday says new borrowers materially increased the quantity of loans taken in Spanish lending markets during the recent housing bubble.

Gabriel Jiménez, Atif Mian, José-Luis Peydró and Jesús Saurina, the paper's authors, estimate the impact of banks' ability to securitise real estate assets on credit supply for non real-estate firms in Spain between 2000 and 2010.

While securitisation has been associated with lax lending and excessive credit creation in

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