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Mortgage Securitizers Didn’t Know Housing Was Going Bust

blogs.wsj.comMarch 24, 2013

By Justin Lahart

A popular explanation for why the housing bubble happened says that unbalanced incentives within the financial system were to blame. Financial-sector workers reaped huge bonuses for gambling on home prices continuing to climb, but knew that they bore little personal risk if things went awry.

But new research from Princeton University suggests that financial workers involved in the mortgage-securitization business — ground zero for the misaligned incentives that are supposed to have helped inflate the bubble — were true believers in the housing boom.

In 2006, there were 1,760 registered attendees at the American Securitization Forum’s conference in Las Vegas — the major annual confab for the securitization industry. Screening out people who didn’t work in mortgages, and making sure to oversample firms that worked at large financial institutions, as well as institutions that played a prominent role in the financial crisis, like Lehman Brothers, economists Wei Xiong at Princeton and Sahil Raina and Ing-Haw Cheng at the University of Michigan’s Ross School of Business came up with a list of 400 mortgage-securitization professionals.


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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