214 This table reports OLS regressions of the creditor-friendliness score on the size of RMBS transactions for the US market, controlled for deal-level characteristics, issuer characteristics and market conditions. We collected the full sample of RMBS securities as reported in Bloomberg between 2017 and 2020. The tranches in our sample received at least one rating from Moody’s, S&P, Fitch, DBRS or KBRA. The dependent variable ‘Log Transaction Value’ is the natural logarithm of the transaction value of the deal at issuance. The key independent variable is ‘Creditor Friendliness Score’ representing the creditor friendliness of US states’ mortgage laws by assigning a score ranging between 4 for most friendly to 0 for least friendly. ‘Log House Price’ equals the natural logarithm of the average sales price of new manufactured homes by state in millions of dollars. ‘Log GDP’ is the natural logarithm of the gross domestic product (GDP) by state in millions of dollars. The remaining variables are defined in Table 5.3. White (1980) heteroskedasticity-adjusted t-statistics are reported in parentheses and (*), (**), (***) denote significance levels of 10%, 5% and 1%, respectively. Table 5.6: OLS regressions of creditor friendliness on RMBS transaction value.
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