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	<title>The Kiffmeister Chronicles</title>
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		<title>The Kiffmeister Chronicles</title>
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		<title>Financial Post on the Canadian Five-Year Mortgage Maturity Wall</title>
		<link>http://kiffmeister.wordpress.com/2011/02/20/financial-post-on-the-canadian-five-year-mortgage-maturity-wall/</link>
		<comments>http://kiffmeister.wordpress.com/2011/02/20/financial-post-on-the-canadian-five-year-mortgage-maturity-wall/#comments</comments>
		<pubDate>Sun, 20 Feb 2011 04:28:33 +0000</pubDate>
		<dc:creator>kiffmeister</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://kiffmeister.wordpress.com/?p=134</guid>
		<description><![CDATA[In a February 17, 2011 Financial Post article (&#8220;Why do mortgage rates rise fast, fall slowly?&#8221;) John Greenwood made a bit of a mess trying to summarize my view on Canada&#8217;s five-year mortgage maturity wall: According to Mr. Kiff, the main reason 10- and 20-year mortgages aren’t more common in Canada is because financial service [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=kiffmeister.wordpress.com&amp;blog=7577124&amp;post=134&amp;subd=kiffmeister&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://kiffmeister.wordpress.com/2011/02/20/financial-post-on-the-canadian-five-year-mortgage-maturity-wall/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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			<media:title type="html">kiffmeister</media:title>
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		<item>
		<title>Recourse and Residential Mortgage Default: Theory and Evidence from U.S. States</title>
		<link>http://kiffmeister.wordpress.com/2010/10/28/recourse-and-residential-mortgage-default-theory-and-evidence-from-u-s-states/</link>
		<comments>http://kiffmeister.wordpress.com/2010/10/28/recourse-and-residential-mortgage-default-theory-and-evidence-from-u-s-states/#comments</comments>
		<pubDate>Thu, 28 Oct 2010 02:46:37 +0000</pubDate>
		<dc:creator>kiffmeister</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://kiffmeister.wordpress.com/?p=128</guid>
		<description><![CDATA[The lender recourse/non-recourse issue didn&#8217;t come up at the FDIC-FRB housing finance symposium (see here for the agenda) but a recent paper by Andra Ghent and Marianna Kudlyak has some interesting things to say about it: The recent surge in defaults on residential mortgages has renewed interest in under- standing borrowersdecisions of whether to default [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=kiffmeister.wordpress.com&amp;blog=7577124&amp;post=128&amp;subd=kiffmeister&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://kiffmeister.wordpress.com/2010/10/28/recourse-and-residential-mortgage-default-theory-and-evidence-from-u-s-states/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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		<title>FDIC and FRB Symposium on Mortgages and the Future of Housing Finance – Part 3</title>
		<link>http://kiffmeister.wordpress.com/2010/10/27/fdic-and-frb-symposium-on-mortgages-and-the-future-of-housing-finance-%e2%80%93-part-3/</link>
		<comments>http://kiffmeister.wordpress.com/2010/10/27/fdic-and-frb-symposium-on-mortgages-and-the-future-of-housing-finance-%e2%80%93-part-3/#comments</comments>
		<pubDate>Wed, 27 Oct 2010 20:06:47 +0000</pubDate>
		<dc:creator>kiffmeister</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://kiffmeister.wordpress.com/?p=123</guid>
		<description><![CDATA[Recently I attended a two-day symposium on mortgages and the future of housing finance  on on October 25 and 26, 2010, hosted by the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve System. (Here’s the link to the agenda: www.fdic.gov/bank/analytical/cfr/oct2010-conf.html.) There were three sessions that I personally found particularly interesting that I’ll be summarize [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=kiffmeister.wordpress.com&amp;blog=7577124&amp;post=123&amp;subd=kiffmeister&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://kiffmeister.wordpress.com/2010/10/27/fdic-and-frb-symposium-on-mortgages-and-the-future-of-housing-finance-%e2%80%93-part-3/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
	
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		<title>FDIC and FRB Symposium on Mortgages and the Future of Housing Finance – Part 2</title>
		<link>http://kiffmeister.wordpress.com/2010/10/27/fdic-and-frb-symposium-on-mortgages-and-the-future-of-housing-finance-%e2%80%93-part-2/</link>
		<comments>http://kiffmeister.wordpress.com/2010/10/27/fdic-and-frb-symposium-on-mortgages-and-the-future-of-housing-finance-%e2%80%93-part-2/#comments</comments>
		<pubDate>Wed, 27 Oct 2010 18:47:41 +0000</pubDate>
		<dc:creator>kiffmeister</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://kiffmeister.wordpress.com/?p=119</guid>
		<description><![CDATA[Recently I attended a two-day symposium on mortgages and the future of housing finance  on on October 25 and 26, 2010, hosted by the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve System. (Here’s the link to the agenda: www.fdic.gov/bank/analytical/cfr/oct2010-conf.html.) There were three sessions that I personally found particularly interesting that I’ll be summarize [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=kiffmeister.wordpress.com&amp;blog=7577124&amp;post=119&amp;subd=kiffmeister&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://kiffmeister.wordpress.com/2010/10/27/fdic-and-frb-symposium-on-mortgages-and-the-future-of-housing-finance-%e2%80%93-part-2/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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			<media:title type="html">kiffmeister</media:title>
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		<title>FDIC and FRB Symposium on Mortgages and the Future of Housing Finance &#8211; Part 1</title>
		<link>http://kiffmeister.wordpress.com/2010/10/27/fdic-and-frb-symposium-on-mortgages-and-the-future-of-housing-finance-part-1/</link>
		<comments>http://kiffmeister.wordpress.com/2010/10/27/fdic-and-frb-symposium-on-mortgages-and-the-future-of-housing-finance-part-1/#comments</comments>
		<pubDate>Wed, 27 Oct 2010 18:00:45 +0000</pubDate>
		<dc:creator>kiffmeister</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://kiffmeister.wordpress.com/?p=112</guid>
		<description><![CDATA[Recently I attended a two-day symposium on mortgages and the future of housing finance  on on October 25 and 26, 2010, hosted by the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve System. (Here&#8217;s the link to the agenda: www.fdic.gov/bank/analytical/cfr/oct2010-conf.html.) There were three sessions that I personally found particularly interesting that I&#8217;ll be summarize [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=kiffmeister.wordpress.com&amp;blog=7577124&amp;post=112&amp;subd=kiffmeister&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://kiffmeister.wordpress.com/2010/10/27/fdic-and-frb-symposium-on-mortgages-and-the-future-of-housing-finance-part-1/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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			<media:title type="html">kiffmeister</media:title>
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		<title>End the Credit Rating Addiction</title>
		<link>http://kiffmeister.wordpress.com/2010/09/30/end-the-credit-rating-addiction/</link>
		<comments>http://kiffmeister.wordpress.com/2010/09/30/end-the-credit-rating-addiction/#comments</comments>
		<pubDate>Thu, 30 Sep 2010 14:46:02 +0000</pubDate>
		<dc:creator>kiffmeister</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://kiffmeister.wordpress.com/?p=109</guid>
		<description><![CDATA[Credit ratings have inadvertently contributed to financial instability—in financial markets during the recent global crisis and more recently with regard to sovereign debt. To be fair, the problem does not lie entirely with the ratings themselves, but with overreliance on ratings by both borrowers and creditors.<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=kiffmeister.wordpress.com&amp;blog=7577124&amp;post=109&amp;subd=kiffmeister&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://kiffmeister.wordpress.com/2010/09/30/end-the-credit-rating-addiction/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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			<media:title type="html">kiffmeister</media:title>
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		<title>Credit Derivatives: Systemic Risks and Policy Options</title>
		<link>http://kiffmeister.wordpress.com/2009/11/21/credit-derivatives-systemic-risks-and-policy-options/</link>
		<comments>http://kiffmeister.wordpress.com/2009/11/21/credit-derivatives-systemic-risks-and-policy-options/#comments</comments>
		<pubDate>Sat, 21 Nov 2009 05:24:44 +0000</pubDate>
		<dc:creator>kiffmeister</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://kiffmeister.wordpress.com/?p=99</guid>
		<description><![CDATA[Credit derivative markets are largely unregulated, but calls are increasingly being made for changes to this &#8220;hands off&#8221; stance, amidst concerns that they helped to fuel the current financial crisis, or that they could be a cause of the next one. The purpose of this working paper I co-wrote with Jennifer Elliott, Elias Kazarian, Jodi [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=kiffmeister.wordpress.com&amp;blog=7577124&amp;post=99&amp;subd=kiffmeister&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://kiffmeister.wordpress.com/2009/11/21/credit-derivatives-systemic-risks-and-policy-options/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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			<media:title type="html">kiffmeister</media:title>
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		<title>Revive Securitization to Speed Exit from Crisis</title>
		<link>http://kiffmeister.wordpress.com/2009/09/26/revive-securitization-to-speed-exit-from-crisis/</link>
		<comments>http://kiffmeister.wordpress.com/2009/09/26/revive-securitization-to-speed-exit-from-crisis/#comments</comments>
		<pubDate>Sat, 26 Sep 2009 14:20:23 +0000</pubDate>
		<dc:creator>kiffmeister</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://kiffmeister.wordpress.com/?p=92</guid>
		<description><![CDATA[Restarting securitization markets, particularly in the United States, is critical to limiting the fallout from the economic crisis, and to eventually withdrawing central bank and government support. In this post I summarize the content of an article that I wrote with several of my colleagues (Andy Jobst, Michael Kisser and Jodi Scarlata) for the IMF&#8217;s [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=kiffmeister.wordpress.com&amp;blog=7577124&amp;post=92&amp;subd=kiffmeister&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://kiffmeister.wordpress.com/2009/09/26/revive-securitization-to-speed-exit-from-crisis/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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			<media:title type="html">kiffmeister</media:title>
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		<title>IMF&#8217;s Global Financial Stability Report on Restarting Securitization Markets</title>
		<link>http://kiffmeister.wordpress.com/2009/09/25/imfs-global-financial-stability-report-on-restarting-securitization-markets/</link>
		<comments>http://kiffmeister.wordpress.com/2009/09/25/imfs-global-financial-stability-report-on-restarting-securitization-markets/#comments</comments>
		<pubDate>Fri, 25 Sep 2009 11:44:54 +0000</pubDate>
		<dc:creator>kiffmeister</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://kiffmeister.wordpress.com/?p=90</guid>
		<description><![CDATA[I was the &#8220;team leader&#8221; of Chapter 2, which tracks the rise and fall of securitization markets, and evaluates the various initiatives aimed at restarting them on a sounder footing, focusing on the markets for securities not backed by governments or government-sponsored enterprises. The analysis attempts to discern how securitization can positively contribute to financial [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=kiffmeister.wordpress.com&amp;blog=7577124&amp;post=90&amp;subd=kiffmeister&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://kiffmeister.wordpress.com/2009/09/25/imfs-global-financial-stability-report-on-restarting-securitization-markets/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
	
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			<media:title type="html">kiffmeister</media:title>
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		<title>Canadian Residential Mortgage Markets: Boring But Effective?</title>
		<link>http://kiffmeister.wordpress.com/2009/06/27/canadian-residential-mortgage-markets-boring-but-effective/</link>
		<comments>http://kiffmeister.wordpress.com/2009/06/27/canadian-residential-mortgage-markets-boring-but-effective/#comments</comments>
		<pubDate>Sat, 27 Jun 2009 14:10:26 +0000</pubDate>
		<dc:creator>kiffmeister</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://kiffmeister.wordpress.com/?p=87</guid>
		<description><![CDATA[The IMF just published my paper on Canadian mortgage markets. A 2008 paper by Vladimir Klyuev, my colleague and sometimes collaborator, concluded that the Canadian market for housing finance is highly advanced and sophisticated, but financing options were somewhat limited, particularly at terms longer than five years. This paper argues that the paucity of longer-term [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=kiffmeister.wordpress.com&amp;blog=7577124&amp;post=87&amp;subd=kiffmeister&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://kiffmeister.wordpress.com/2009/06/27/canadian-residential-mortgage-markets-boring-but-effective/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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