US Subprime Mortgage Market (A): Financial Innovation andWelfare Effects
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Code : ECC0028
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Region : US |
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Abstract:In 2007, the sharp rise in foreclosures in US' subprime mortgage market segment snowballed into a global financial crisis. Such a remarkable event is tracked in a set of three case studies. This set sensitises students to the elements of the subprime crisis.The first in the set, this case study is meant to introduce students to various facets of real estate securitisation from a debt perspective. It primarily emphasises the unique aspects of US subprime mortgage market, a key segment in the fixed income universe. Debt instruments explored include Adjustable Rate Mortgages (ARMs), residential Mortgage Backed Securities (MBS) and Collateralised Debt Obligations (CDOs). Spotlight is actually on how financial engineering works for corporate, as well as, social benefit. |
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Pedagogical Objectives:
The case makes students explore:
Keywords : US Subprime Mortgage Market, Financial Innovation, Default Risk, Debt Instrument, Finance Case Study, Mortgage Backed Securities (MBS), Collateralised Debt Obligations (CDOs), Financial Crisis, Adjustable Rate Mortgages (ARMs), Mortgage Industry
Contents :
» US Residential Mortgage Market
» Subprime Mortgage Industry Structure
» Characteristics of Subprime Mortgage
» The Challenges and Welfare Effects
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