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- All HBS Web (73)
- Faculty Publications (35)
Show Results For
- All HBS Web (73)
- Faculty Publications (35)
- February 1986 (Revised September 1994)
- Case
Travelers Mortgage Securities CMO
Describes a series of collateralized mortgage obligations offered by Travelers Insurance. Provides a general description of the life insurance business and the role of life insurance in the capital markets. Also describes a variety of mortgage related instruments,...
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Mason, Scott P. "Travelers Mortgage Securities CMO." Harvard Business School Case 286-061, February 1986. (Revised September 1994.)
- Article
The Economics of Structured Finance
By: Joshua D. Coval, Jakub W. Jurek and Erik Stafford
This paper investigates the spectacular rise and fall of structured finance. The essence of structured finance activities is the pooling of economic assets like loans, bonds, and mortgages, and the subsequent issuance of a prioritized capital structure of claims, known...
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Keywords:
Financial Crisis;
Asset Management;
Debt Securities;
Investment;
Risk Management;
Behavior
Coval, Joshua D., Jakub W. Jurek, and Erik Stafford. "The Economics of Structured Finance." Journal of Economic Perspectives 23, no. 1 (Winter 2009): 3–25.
- 30 Aug 2004
- Research & Ideas
Real Estate: The Most Imperfect Asset
securitized, and professionalized. There are over $5.5 trillion of securitized home mortgages, $500 billion of commercial mortgage-backed securities (CMBS) and $200 billion of real estate investment trusts (REITs), much of which did not...
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- Web
Research - Behavioral Finance & Financial Stability
holdings of securitizations of nonprime mortgages in the years leading up to the financial crisis of 2007-2009. They find evidence that suggests that fund managers’ personal experiences were highly determinate of both the quantity and...
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- 01 Dec 2009
- News
An Action Plan for Economic Recovery
rating. But the issuer would still pay for the fees of the rating agency after it was selected by the third party. You note in your book that loan securitization collapsed at the end of 2008. Has it revived yet, and why is it important...
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- 20 Sep 2011
- First Look
First Look: September 20
innovation in clusters should account for these links. Securitization without Adverse Selection: The Case of CLOs Authors:Effi Benmelech, Jennifer Dlugosz, and Victoria Ivashina Publication:Journal of Financial Economics (forthcoming)...
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Keywords:
Sean Silverthorne
- 01 Dec 2008
- News
Seth Klarman
capitalist system works the way it does is because there are cycles, and the cycles self-correct. With too much excess, eventually you get a downturn. So the explosion in securitized assets was a ticking time bomb? It’s not amazing that...
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- 01 Sep 2010
- News
Noted & Quoted
90 and 95 percent of all the residential mortgages this year have been insured by, guaranteed by, or securitized by the government.” — HBS senior lecturer Nicolas Retsinas noting that the government has kept the residential housing market...
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- 12 Nov 2014
- Op-Ed
A Challenge to the New Congress: Pass Housing Finance Reform
communities. In this new system, there is broad agreement across party lines that we must maintain a commitment to support affordable housing for working families, including funds for low-income rental initiatives. We need a common View Details
- 28 Jul 2009
- Research Event
Business Summit: Real Estate
United States, the real estate market faces reduced cash flows and significant re-pricing. The housing market must bottom out before a recovery in the real estate sector can begin. Expiring loans will have to be dealt with. The real estate crisis is a global problem....
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- 24 Feb 2011
- Research & Ideas
What’s Government’s Role in Regulating Home Purchase Financing?
changing nature of housing finance and its increasing reliance on less-regulated securitization markets. "As we move to greater reliance on private mortgage credit it will be important to combine such privatization with better...
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- 01 Dec 2008
- News
What Went Wrong?
myself straining to understand not just what was happening but the strange vocabulary used to describe it. I’d never heard of a subprime mortgage. Likewise securitization in all its exotic flavors: collateralized debt obligations,...
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- 29 May 2008
- Research & Ideas
Global Change in the Built Environment
class because of its large component of current income and cash flow. The three big trends in the industry are securitization, globalization, and environmentalism. The securitization markets on both the debt and equity sides are being...
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- 01 Dec 1999
- News
New Jakurski Chair Supports Research in Global Finance
topics in international finance, including securitization of insurance risks (particularly those linked to catastrophes), risk management for corporations and financial institutions, and asset allocation for investors. He is a founding...
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- 13 Jan 2015
- First Look
First Look: January 13
employee confusion about or neglect of the tax properties of Roth balances and (2) partition dependence. Download working paper: http://www.nber.org/papers/w20738 The Rise and Fall of Demand for Securitizations By: Chernenko, Sergey,...
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Keywords:
Sean Silverthorne
- 29 Apr 2013
- Research & Ideas
Are First-Time Buyers Left Out of Real Estate’s Rebound?
mortgage market today, ninety-five percent of all mortgage loans are guaranteed, insured, or securitized by the US government, which is obsessed with not losing money on these guarantees. And the way the government does not lose money is...
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- 31 Oct 2016
- Research & Ideas
Quantitative Easing Didn’t Ease the Housing Crisis for the Neediest
which guarantee and securitize mortgage loans on the secondary market. Those guidelines include the size of the loan (currently a maximum of $417,000 for a single family home in most US cities); the amount of home equity relative to the...
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Keywords:
by Carmen Nobel
- 16 Feb 2016
- First Look
February 16, 2016
funds' holdings of securitizations to examine which investors are susceptible to such boom-time thinking. We show that firsthand experience plays a key role in shaping investors' beliefs. During the 2003–2007 mortgage boom, inexperienced...
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Keywords:
Sean Silverthorne
- 04 Aug 2014
- Op-Ed
Why Small-Business Lending Is Not Recovering
development of general standards for assessing applicants for small business loans and have increased costs of evaluating such loans. Moreover, the heterogeneity of small business loans has made it difficult to securitize and sell pools...
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- 21 Jul 2014
- Research & Ideas
Is a Gap in Small-Business Credit Holding Back the American Economy?
report a net credit gain of $25,000. Third, the data only includes small business loans on the balance sheets of banks, not loan originations. This means that loans which have been securitized will not be counted. The Banking Industry...
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