In this Book

Prudent Lending Restored
buy this book Buy This Book in Print
summary

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).

Table of Contents

  1. Cover
  2. pp. Cover-ii
  3. restricted access Download |
  1. TItle page, Copyright
  2. pp. iii-iv
  3. restricted access Download |
  1. Contents
  2. pp. v-vi
  3. restricted access Download |
  1. Preface
  2. pp. vii-viii
  3. restricted access Download |
  1. The Future of Securitization: An Introduction
  2. pp. 1-10
  3. restricted access Download |
  1. Financial Turmoil and Central Bank Responses in the United States, United Kingdom, European Union, and Japan
  2. pp. 11-78
  3. restricted access Download |
  1. Structuring for Leverage:CPDOs, SIVs, and ARSs
  2. pp. 79-104
  3. restricted access Download |
  1. The Future of Securitization
  2. pp. 105-162
  3. restricted access Download |
  1. Legal and Economic Issues in Litigation Arising from the 2007-08 Credit Crisis
  2. pp. 163-236
  3. restricted access Download |
  1. Mortgage Payment Insurance and the Future of the Housing Finance System
  2. pp. 237-250
  3. restricted access Download |
  1. The Development and Future of Securitization in Asia
  2. pp. 251-304
  3. restricted access Download |
  1. Contributors
  2. pp. 305-306
  3. restricted access Download |
  1. Index, Back Cover
  2. pp. 307-337
  3. restricted access Download |
Back To Top

This website uses cookies to ensure you get the best experience on our website. Without cookies your experience may not be seamless.