Yasuyuki Fuchita, Richard J. Herring, Robert E. Litan, "Prudent Lending Restored: Securitization After the Mortgage Meltdown"
Brookings Institution Press | 2009 | ISBN: 0815703368 | 326 pages | PDF | 1,3 MB
Brookings Institution Press | 2009 | ISBN: 0815703368 | 326 pages | PDF | 1,3 MB
Once heralded as a financial innovation to diversify risk and enable Wall Street to finance Main Street, securitization helped create the subprime mortgage meltdown of 2006. In this implosion, debt was absorbed by a concentrated group of financial entities, and in 2008 credit markets consequently froze. So why were securities backed by subprime debt deemed so desirable? And what is the future of securitization?