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There is little dispute that the mortgage meltdown of 2007, created by irresponsible lending and lax oversight, helped lead to the global financial crisis. Why were these securities backed by subprime debt so desirable to so many seemingly sophisticated investors? The answer lies in distorted incentives, opaque securitization structures and a willingness to believe that house prices would continue to rise indefinitely and the hope for super-normal returns.
In Prudent Lending Restored experts from the United States, Europe, and Japan draw a timeline of key events along the road to our most recent recession. Providing an in-depth analysis of the causes of the subprime mortgage meltdown, they propose reforms, including a more simplified securitization process with emphasis on oversight to encourage more prudent lending. This timely volume —the collaboration between the Brookings Institution and the Nomura Institute of Capital Markets Research —argues that securitization can and should have a brighter future, and they lay out ways that will make that possible.
Contributors: Jennifer E. Bethel (Babson College), Robert E. Eisenbeis (Federal Reserve Bank of Atlanta), Allen Ferrell (Havard Law School), Günter Franke (Konstanz University, Germany), Jack Guttentag (University of Pennsylvania), Gang Hu (Babson College), Tetsuya Kamiyama (Nomura Institute of Capital Markets Research, Tokyo), Kei Kodachi (NICMR), Jan P. Krahnen (Goethe University Frankfurt, Germany), Joseph R. Mason (Louisiana State University), Igor Roitburg (Default Mitigation Management LLC), and Eiichi Sekine (NICMR).
1 The Future of Securitization: An Introduction Yasuyuki Fuchita Fuchita, Yasuyuki Richard J. Herring Herring, Richard J. Robert E. Litan Litan, Robert E. 1
2 Financial Turmoil and Central Bank Responses in the United States, United Kingdom, European Union, and Japan Robert A. Eisenbeis Eisenbeis, Robert A. 11
3 Structuring for Leverage: CPDOs, SIVs, and ARSs Joseph R. Mason Mason, Joseph R. 79
4 The Future of Securitization Gunter Franke Franke, Gunter Jan P. Krahnen Krahnen, Jan P. 105
5 Legal and Economic Issues in Litigation Arising from the 2007-08 Credit Crisis Jennifer E. Bethel Bethel, Jennifer E. Allen Ferrell Ferrell, Allen Gang Hu Gang, Hu 163
6 Mortgage Payment Insurance and the Future of the Housing Finance System Jack Guttentag Guttentag, Jack Igor Roitburg Roitburg, Igor 237
7 The Development and Future of Securitization in Asia Eiichi Sekine Sekine, Eiichi Kei Kodachi Kodachi, Kei Tetsuya Kamiyama Kamiyama, Tetsuya 251