The Seven Deadly Frictions of Subprime Mortgage Credit Securitization

Adam B. Ashcraft and Til Schuermann
Additional contact information
Adam B. Ashcraft: Federal Reserve Bank of New York, USA

Chapter 20 in The First Credit Market Turmoil of the 21st Century:Implications for Public Policy, 2009, pp 325-343 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe following sections are included:Frictions Between the Mortgagor and Originator: Predatory LendingFrictions Between the Originator and the Arranger: Predatory Lending and BorrowingFrictions Between the Arranger and Third Parties: Adverse SelectionAdverse selection and the warehouse lenderAdverse selection and the asset managerAdverse selection and credit rating agenciesFrictions Between the Servicer and the Mortgagor: Moral HazardFrictions Between the Servicer and Third Parties: Moral HazardFrictions Between the Asset Manager and Investor: Principal-AgentFrictions Between the Investor and the Credit Rating Agencies: Model ErrorFive Frictions that Caused the Subprime CrisisReferences

Keywords: Financial Crises; Systemic Risk; Credit Market Turmoil; International Financial Markets (search for similar items in EconPapers)
Date: 2009
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.worldscientific.com/doi/pdf/10.1142/9789814280488_0020 (application/pdf)
https://www.worldscientific.com/doi/abs/10.1142/9789814280488_0020 (text/html)
Ebook Access is available upon purchase.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wsi:wschap:9789814280488_0020

Ordering information: This item can be ordered from
sales@wspc.com.sg

Access Statistics for this chapter

More chapters in World Scientific Book Chapters from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim (tltai@wspc.com.sg).