Prudent lending restored : securitization after the mortgage meltdown

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Bibliographic Information

Prudent lending restored : securitization after the mortgage meltdown

Yasuyuki Fuchita, Richard J. Herring, Robert E. Litan, editors

Nomura Institute of Capital Markets Research , Brookings Institution Press, c2009

  • : pbk

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"The chapters in this volume are based on papers presented at a conference on October 16, 2008 ..."--Pref., p. vii

"Tokyo Club Foundation for Global Studies has underwritten the production of Prudent lending restored."--T.p. verso

Includes bibliographical references and index

Description and Table of Contents

Description

"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), Gunter 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). "

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