This is an overview of the subprime mortgage securitization process and seven key informational frictions that arise. The authors discuss the ways that market participants work to minimize these frictions and speculate on how this process broke down. They offer a complete picture of the subprime borrower and the subprime loan, discussing both predatory borrowing and predatory lending. They present the key structural features of a typical subprime securitization, document how rating agencies assign credit ratings to mortgage-backed securities, and outline how these agencies monitor the performance of mortgage pools over time. (Originally published as a Federal Reserve Bank of New York Staff Report)
Understanding the Securitization of Subprime Mortgage Credit
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This is an overview of the subprime mortgage securitization process and seven key informational frictions that arise. The authors discuss the ways that market participants work to minimize these frictions and speculate on how this process broke down. They offer a complete picture of the subprime borrower and the subprime loan, discussing both predatory borrowing and predatory lending. They present the key structural features of a typical subprime securitization, document how rating agencies assign credit ratings to mortgage-backed securities, and outline how these agencies monitor the performance of mortgage pools over time. (Originally published as a Federal Reserve Bank of New York Staff Report)
The BiblioGov Project is an effort to expand awareness of the public documents and records of the U.S. Government via print publications. In broadening the public understanding of government and its...
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and...
The first guide to this new financial trend. Credit securitization (also known as asset securitization) is a financial technology for packaging, underwriting, and selling loans in the form of...
The U.S. Government Accountability Office (GAO) is an independent agency that works for Congress. The GAO watches over Congress, and investigates how the federal government spends taxpayers dollars...
The BiblioGov Project is an effort to expand awareness of the public documents and records of the U.S. Government via print publications. In broadening the public understanding of government and its...
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