Matt Levine

speaker

4,099 appearances 10 recordings 1 series first heard Jun 2026 last heard 5d ago

Matt Levine’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 10 in all, peaking in Jul 2026 with 5.

Appearances

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Money Stuff: The Podcast · Learn More Gooder · 4 Sep 2026 podcast

Where you like you have the option to refinance with basically without penalty and people exercise it really suboptimally. voice-verified

And so it is not priced. voice-verified

Like like if you like just did an instrument interest rate model, you would charge people a lot for that option in like the interest rate of the mortgage, but like you don't because they don't voice-verified

Exercise it optimally. voice-verified

And if they did, then mortgages would be more expensive. voice-verified

Morgan Stanley says everybody. voice-verified

Ten to twenty basis points more expensive for everybody. voice-verified

I think he's at Baruch. voice-verified

Anyway, Fabulus Fab, who voice-verified

is now a like finance academic, but was previously a mortgage derivatives structure at Goldman Sachs where he got in some trouble for structuring some mortgage derivatives. voice-verified

Who better to know? voice-verified

And he wrote this paper about he's the co author on the paper, Refinancing Frictions, Mortgage Pricing and Redistribution. voice-verified

And one thing that the abstract of the paper says is voice-verified

Many policies that lead to more frequent refinancing. voice-verified

Also increase equilibrium mortgage rates and thus reduce residential mortgage credit access for a large number of borrowers. voice-verified

That is, if you make it easier for people to refinance their mortgages, then mortgage rates will go up because they will refinance more optimally and mortgages will be more voice-verified

convexity. voice-verified

And so investors will like them less and so they will charge more for them. voice-verified

I I think it's a good thing. voice-verified

Yeah. voice-verified

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