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1、16BanksandLoanSalesMarketingNonmarketableAssetsGARYB.GORTON*ANDGEORGEG.PENNACCHI16.1.INTRODUCTIONHistorically,financialintermediarieshavecreatedloansthatwerenotlatersold.AreasonfortheilliquidityofloansisillustratedbytheexampleofPennSquare,thebankthatfailedin1982.Accordingtotheformerdirecto
2、randchairmanoftheFDICIrvineSprague(1986,pp.1112):PennSquarewasplungingotherbanksmoneyintotheriskyoilandgasbusiness.Itsmodeofoperationwastomakelarge,high-pricedbutchancyloanstodrillersandthentoselltheloans,inwholeorinpart,tootherbankswhilepocketingafeefortheservice.Suchloansarecalledpartici
3、pationsandareacommonpracticeinbanking.PennSquare,however,transformedthepracticeintoaspeciesofwheelinganddealing...Thelargeparticipatingbankswereexposed,embarrassed,andthreatened.Buyingloanparticipationsinenormousamountsweresomeofthecountrysleadingand,supposedly,mostsophisticatedinstitution
4、s...TheirtransactionswithPennSquareviolatedalltenetsofsoundbanking...Theywerecontenttorelyonsomeoneelsesfaultyand*Thedatausedinthispaperwereprovidedbyalargebankwhichwishestoremainanonymous.Wewouldliketothankthebankforthedataand,particularly,theloansalesdeskemployeesfortheirassistancewithth
5、isstudy.Also,wearegratefulforsuggestionsbyseminarparticipantsattheFederalReserveBoard,theFederalReserveBanksofSanFranciscoandCleveland,andDartmouthCollege.WewouldalsoliketothankMarkFlannery,StuartGreenbaum,JonathanKarpoff,DeborahLucas,RabieRafia,RenéStulz,andananonymousrefereeforprovidinghe
6、lpfulcomments,andtotheGeewax-TerkerResearchPrograminFinancialInstrumentsforresearchsupport.BanksandLoanSales505fragmentaryloandocumentation.Nowtheywereexposedtomassiveandpotentiallyfatallosses.Subsequently,SeafirstofSeattleandContinentalofIllinois,bothmajorpurchasersofPennSquaresloans,faile
7、d.Recenttheoriesoffinancialintermediation(e.g.,BoydandPrescott,1986;Diamond,1984)predictthatpurchasingloanswouldbetreacherous.Banksprovideborrowerswithuniqueservicesintheformof(publiclyunobserved)creditevaluationandmonitoringactivities.Forabanktohavetheincentiv
