Title: Understanding the Securitization of Subprime Mortgage Credit: Federal Reserve Bank of New York Staff Report no. 318
Publisher: Lulu.com 2012-08
Publication Date: 2012
Language: English
ISBN 10: 1300051523
ISBN 13: 9781300051527
Binding: PF
Condition: New

About this title

Synopsis

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)

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