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Financial Economists Roundtable Statement on Reforming the Role of the Rating "Agencies" in the Securitization Process

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  • Richard J. Herring
  • Edward J. Kane

Abstract

Assets securitized by private companies reached a peak of nearly $12 trillion in 2008, an amount nearly equal to the entire stock of credit intermediated in traditional ways by the world's banking systems. Failures of care and diligence in the origination, rating, and securitization of subprime mortgages led to a collapse in the prices of securitized assets and the public's confidence in the reliability and integrity of the process by which securities are rated. This decline in confidence has in turn undermined prices and credit flows in every market where investors and regulators rely on the credit ratings provided by Statistical Ratings Organizations (SROs) to certify the quality of debt. Copyright Copyright (c) 2009 Morgan Stanley.

Suggested Citation

  • Richard J. Herring & Edward J. Kane, 2009. "Financial Economists Roundtable Statement on Reforming the Role of the Rating "Agencies" in the Securitization Process," Journal of Applied Corporate Finance, Morgan Stanley, vol. 21(1), pages 28-33.
  • Handle: RePEc:bla:jacrfn:v:21:y:2009:i:1:p:28-33
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    Cited by:

    1. Richard Herring, 2010. "How Financial Oversight Failed & What it May Portend for the Future of Regulation," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 38(3), pages 265-282, September.
    2. repec:ces:ifodic:v:8:y:2010:i:1:p:14566914 is not listed on IDEAS
    3. Robert A. Eisenbeis, 2009. "What We Have Learned and Not Learned from the Current Crisis about Financial Reform," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 42(4), pages 457-469.

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