Word: mortgagees
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Dates: during 2000-2009
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When you came back in 2006 what was your reaction to what you saw going on in securitized loans? The consumer groups were vocal about what was going on out there and some of our own staff had some concerns, so we bought a loan-performance database of mortgage-backed...
You gave a speech in October 2007 at a mortgage securities conference and starting talking about these issues publicly. Why did you stand up and do that? I thought they were going to throw tomatoes at me. We had done some industry roundtables in the spring of 2007 to talk...
How We Got Here The troubles we now face were caused largely by the combination of deregulation and low interest rates. After the collapse of the tech bubble, the economy needed a stimulus. But the Bush tax cuts didn't provide much stimulus to the economy. This put the burden...
The climate of deregulation that dominated the Bush-Greenspan years helped the spread of a new banking model. At its core was securitization: mortgage brokers originated mortgages that they sold on to others. Borrowers were told not to worry about paying the ever mounting debt, because house prices would keep...
The mortgage brokers loved these new products because they ensured an endless stream of fees. They maximized their profits by originating as many mortgages as possible, with frequent refinancing. Their allies in investment banking bought them, sliced and diced the risk and then passed them on - or at least as...