TAILIEUCHUNG - Understanding the Securitization of Subprime Mortgage Credit

Management has clarified standards for conducting the CGAs, and the Gender and Development Board will provide technical sup- port and advice. In countries where the Bank has an active lending program and where no CGA has recently been completed, an initial CGA will be completed early in the program’s implementation peri- od. Thereafter, updates will be completed in accordance with the typ- ical Bank cycle for economic and sector analytical work (approximately once every five years), and will be designed to inves- tigate whether any major changes in gender conditions have occurred (thus, updates will typically be less elaborate than the ini- tial assessment). Where feasible and consistent with the. | Federal Reserve Bank of New York Staff Reports Understanding the Securitization of Subprime Mortgage Credit Adam B. Ashcraft Til Schuermann Staff Report no. 318 March 2008 This paper presents preliminary findings and is being distributed to economists and other interested readers solely to stimulate discussion and elicit comments. The views expressed in the paper are those of the authors and are not necessarily reflective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. Understanding the Securitization of Subprime Mortgage Credit Adam B. Ashcraft and Til Schuermann Federal Reserve Bank of New York Staff Reports no. 318 March 2008 JEL classification G24 G28 Abstract In this paper we provide an overview of the subprime mortgage securitization process and the seven key informational frictions that arise. We discuss the ways that market participants work to minimize these frictions and speculate on how this process broke down. We continue with a complete picture of the subprime borrower and the subprime loan discussing both predatory borrowing and predatory lending. We present the key structural features of a typical subprime securitization document how rating agencies assign credit ratings to mortgage-backed securities and outline how these agencies monitor the performance of mortgage pools over time. Throughout the paper we draw upon the example of a mortgage pool securitized by New Century Financial during 2006. Key words subprime mortgage credit securitization rating agencies principal agent moral hazard Ashcraft Federal Reserve Bank of New York e-mail . Schuermann Federal Reserve Bank of New York e-mail . The authors would like to thank Mike Holscher Josh Frost Alex LaTorre Kevin Stiroh and especially Beverly Hirtle for their valuable comments and contributions. The views expressed in this paper are those of the authors .

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