Lessons from the Crisis

A lot happened even before the perceived beginning of this crisis in 2007,so although the events are recent, I will give an overview from a US perspectiveof the period from 2001 to date, in our search for the lessons to be learned.Much of it is probably familiar, but worth revisiting.I will break this necessarily simplified account into 3 stages: first, a look atthe key factors that led to the increasing riskiness of US home mortgages;second, how those risks were transmitted as securities from US housing lendersto institutional investors around the globe...