Securitization Not Obstacle To Modifying Mortgages

From Federal Reserve Bank of Atlanta, " Revisiting real estate revisionism: Concessionary mortgage modifications during the Depression" by Kris Gerardi, Research economist and assistant policy adviser at the Federal Reserve Bank of Atlanta and Chris Foote, senior economist and policy adviser at the Federal Reserve Bank of Boston:

Fortunately, a recent paper by Andra Ghent of Baruch College exploits a new data set to shed considerable light on this topic. Her findings argue against the idea that lender reluctance to modify is a recent phenomenon .... her findings ... bury the notion that securitization is the primary obstacle to renegotiation in the current foreclosure crisis. [Emphasis added.]