Financial innovation: Wall Street's false utopia

Susanne Trimbath

Journal of Accounting & Organizational Change, 2009, vol. 5, issue 1, 108-111

Abstract: Purpose - The purpose of this paper is to connect the dots between subprime mortgage lending and the financial crisis of 2008. Design/methodology/approach - Descriptive analysis of structured securities. Findings - The innovation of structured securities was incorrectly implemented in the case of mortgage‐related securities. Research limitations/implications - There is no centralized source for data connecting mortgages with securities, thereby making a rigorous, statistical analysis impossible. Practical implications - The US Congress authorized $700 billion to purchase “troubled assets,” defined as “residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages … ” This paper exploits the difference between mortgages and those securities. Originality/value - The paper extends knowledge on the topic of mortgage related securities.

Keywords: Securities; Financial markets; Government Policy; Regulation; United States of America (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jaocpp:18325910910932232

DOI: 10.1108/18325910910932232

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