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Mortgage Securitization 426 Working Paper: Is It An Insurance Product?, Symphony Music
Mortgage Securitization 426 Working Paper: Is It An Insurance Product?, Symphony Music
Symphony Music
This discussion highlights informed interaction between two knowledgeable parties about whether the residential mortgage asset backed securitization process involves the creation of an insurance product. Although an initial conclusion reached by an Insurance Examiner that it is not “insurance,” that same Examiner opened the door that it could be viewed as “insurance.” If it is determined that insurance is involved, the obligation to collect taxes falls onto the Connecticut State Department of Revenue Services, the requirement to collect balance sheets falls onto the Insurance Department, and the decision to prosecute originators for perpetuating a fraud on bank loan consumers falls …
Dodd-Frank, Securitization, And The Subprime Mortgage Crisis, Stephen P. Hoffman
Dodd-Frank, Securitization, And The Subprime Mortgage Crisis, Stephen P. Hoffman
Stephen P. Hoffman
There are few things more constant in life than the rise and fall of financial markets. When markets crash, however, we are forced to restore them while learning from our mistakes. In the wake of the recent subprime mortgage crisis, Congress has drastically but deservedly overhauled the regulation of financial markets in order to not only prevent such disasters in the future, but to help restore financial stability more quickly if and when they do occur. In this Paper, I provide a background of the events leading up to the most devastating financial crisis since the Great Depression, focusing on …