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The Anatomy of the Mortgage Securitization Crisis

  • Fligstein, Neil
  • Goldstein, Adam
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    The current crisis in the mortgage securitization industry highlights significant failures in our models of how markets work and our political will, organizational capability, and ideological desire to intervene in markets. This paper shows that one of the main sources of failure has been the lack of a coherent understanding of how these markets came into existence, how tactics and strategies of the principal firms in these markets have evolved over time, and how we ended up with the economic collapse of the main firms. It seeks to provide some insight into these processes by compiling both historical and quantitative data on the emergence and spread of these tactics across the largest investment banks and their principal competitors from the mortgage origination industry. It ends by offering some policy proscriptions based on the analysis.

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    File URL: http://www.escholarship.org/uc/item/9bh786v2.pdf;origin=repeccitec
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    Paper provided by Institute of Industrial Relations, UC Berkeley in its series Institute for Research on Labor and Employment, Working Paper Series with number qt9bh786v2.

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    Date of creation: 23 Feb 2010
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    Handle: RePEc:cdl:indrel:qt9bh786v2
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    Web page: http://www.escholarship.org/repec/iir_iirwps/

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    1. Benjamin J. Keys & Tanmoy Mukherjee & Amit Seru & Vikrant Vig, 2010. "Did Securitization Lead to Lax Screening? Evidence from Subprime Loans," The Quarterly Journal of Economics, MIT Press, vol. 125(1), pages 307-362, February.
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