The housing finance revolution
Richard K. Green
Susan M. Wachter
Real Estate, mortgages, Housing, capital markets, securitization, mortgage security infrastructure, Liquidity, subprime mortgage-backed securities, MBS, marked to model, systemic underpricing of risk, speculation, pricing of risks, default risk, underpriced credit | Housing ; Housing - Prices ; Mortgages
While other countries dismantled their segmented housing finance systems and linked housing finance to capital markets through deregulated depositories, the US linked housing finance to capital markets through depository deregulation and securitization. Elsewhere securi...