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Why Bank Risk Models Failed |
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Written by Other (See Below)
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Thursday, 18 June 2009 07:05 |
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by Avinash Persaud, Chairman, Intelligence Capital Avinash Persaud, (c) VoxEU.org Originally published 4/8/08 Financial supervision arguably failed to prevent today’s turmoil because it relied upon the very price-sensitive risk models that produced the crisis. This column calls for an ambitious departure from trends in modern financial regulation to correct the problem. |
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Last Updated on Thursday, 18 June 2009 07:10 |
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Financial Regulatory Reform: A New Foundation |
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Written by Other (See Below)
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Friday, 19 June 2009 07:13 |
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Published by the U.S. Treasury Department Attached is the full text of the Treasury Department's proposal for Financial Regulatory Reform, released on 6/17/09. Download Artlcle |
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Last Updated on Friday, 19 June 2009 07:19 |
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Callable Bonds: Better Value Than Advertised? |
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Written by Andrew Kalotay
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Monday, 01 June 2009 08:41 |
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Callable bonds have been around since the dawn of the industrial age. Today, issuers of such bonds view the call feature as a way to manage interest rate risk (as we do in the bulk of this article). But that was not the original purpose of the feature. An industrial corporation would issue bonds to raise capital to build a plant and would anticipate servicing the debt from production revenues. But what if the plant burned down? Insurance would cover the loss of the plant, but not the remaining debt service. The solution was to make the bonds callable and use the insurance payment to cover the cost of redeeming the bonds. |
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Last Updated on Wednesday, 03 June 2009 19:28 |
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The Interaction of MBS Markets and Primary Mortgage Rates |
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Written by Bill Berliner
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Monday, 04 May 2009 08:59 |
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By Anand K. Bhattacharya and William S. Berliner A poorly understood phenomenon among participants in the various mortgage-backed securities (MBS) markets is the relationship between the total cost of consumer mortgage credit (in terms of both rates and fees) and conditions in the capital markets. |
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Last Updated on Wednesday, 03 June 2009 19:27 |
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Mortgage Servicing Rights and Interest Rate Volatility |
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Written by Andrew Kalotay
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Friday, 01 May 2009 14:26 |
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Andrew Kalotay and Qi Fu Mortgage servicing rights (MSRs) exist simply because every mortgage loan must be serviced. Servicing of a mortgage loan involves administrative tasks such as collecting monthly payments and forwarding the proceeds to the owners of the loan (Fabozzi & Modigliani, 1992). Servicing rights on mortgage loans are important to financial institutions because they can produce significant revenue over the life of the loan, while also allowing the institution to maintain a relationship with the customer for the life of the loan (Clark, 1995). |
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Last Updated on Wednesday, 03 June 2009 19:28 |
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