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The Role of bank credit enhancements in securitization

This article looks at enhancements provided by banks in the securitization market. We start with a set of new facts on the evolution of enhancement volume provided by U.S. bank holding companies (BHCs). We highlight the importance of bank-provided enhancements in the securitization market by comparing their market share with that of financial guaranties sold by insurance companies, one of the main sellers of credit protection in the securitization market. Contrary to the notion that banks were being eclipsed by other institutions in the shadow banking system, we find that banks have held their own against insurance firms in the enhancement business.