This study is structured around two objectives: surveying the 180 years’ evolution of the US mortgage intermediation system (MIS); and, extracting the lessons to be learned by emerging mortgage markets. To that end, I first discuss three pillars of a well-functioning MIS as a conceptual...

The purpose of this study is two-fold: first, to explain the demise of subprime and Alt-A mortgage markets in the U.S. from the viewpoint of measuring and managing mortgage credit risk; and secondly, to discuss several policy lessons that can be learned from the market meltdown. To that end,...