PLSC 270: Capitalism: Success, Crisis and Reform
Lecture 11 - Institutions and Incentives in Mortgages and Mortgage-Backed Securities. Guest speaker Will Goetzmann, Director of the Yale International Center for Finance and professor at the Yale School of Management, provides a brief history of debt and financial crises. Professor Goetzmann begins with a discussion on debt slavery in the ancient world, and moves on to real estate financing in New York City. Professor Goetzmann also presents recent research by himself and others on the collapse of the real estate market. He explores the notion that the collapse of the mortgage market followed from the fallout of the larger financial crisis, rather than the other way around. Data on the real estate market is presented and discussed. Larger claims about responsibility of different players for the economic crisis are briefly assessed. (from oyc.yale.edu)
| Lecture 11 - Institutions and Incentives in Mortgages and Mortgage-Backed Securities |
| Time | Lecture Chapters |
| [00:00:00] | 1. Financial History, with Will Goetzmann |
| [00:24:20] | 2. Current Financial Crisis |
| [00:26:56] | 3. Price Growth vs. Subprime Approvals |
| [00:35:12] | 4. Estimating the Relationship between Past Growth and Future Growth in ....Mortgage Prices |
| [00:40:27] | 5. 2006 Mortgage Regressions |
| [00:45:44] | 6. Evidence for Three Demand Effects and Loan Level Likelihood of Approval |
| References |
| Lecture 11 - Institutions and Incentives in Mortgages and Mortgage-Backed Securities Instructor: Professor Douglas W. Rae. Transcript [html]. Audio [mp3]. Download Video [mov]. |
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