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Article: Subprime Crisis More Aptly Called a 'Securitization Crisis'.
- Article from:
- National Mortgage News
- Article date:
- December 8, 2008
CopyrightCOPYRIGHT 2008 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jennifer Harmon
NEW YORK-The financial landscape has changed dramatically in the last several months. What has happened in the mortgage market has had a ripple effect on the world economy, and the subprime meltdown is at the core of everything that has happened in the credit markets, according to speakers at the Subprime Summit, hosted by Duff & Phelps here. But at least one questioned whether the subprime crisis was actually a securitization crisis.
During the subprime crisis of the 1990s, the market was dealing with primarily no-doc loans and no verified income to get around standard underwriting. It was a relatively minor problem, but for some ...