Abstract

http://ssrn.com/abstract=1981859
 
 

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The Origins and Evolution of the Market for Mortgage-Backed Securities


John J. McConnell


Purdue University

Stephen A. Buser


Ohio State University (OSU) - Department of Finance

December 2011

Annual Review of Financial Economics, Vol. 3, pp. 173-192, 2011

Abstract:     
The first mortgage-backed security (MBS) was issued in 1968. Thereafter, the MBS market grew rapidly with outstanding issuances exceeding $9 trillion by 2010. The growth in the MBS market was accompanied by numerous innovations such as collateralized mortgage obligations (CMOs) and the emergence of private label alternatives to MBS issued by government-sponsored entities. We trace the evolution of the MBS market and we review debates surrounding such questions as whether the MBS market has reduced the cost of housing finance, whether the MBS market is a market for lemons, and what role, if any, MBS played in the run-up and subsequent decline of home prices during the decade of the 2000s. We also detail the evolution of models for MBS valuation as developed by academics and practitioners.

Accepted Paper Series





Not Available For Download

Date posted: January 10, 2012  

Suggested Citation

McConnell, John J. and Buser, Stephen A., The Origins and Evolution of the Market for Mortgage-Backed Securities (December 2011). Annual Review of Financial Economics, Vol. 3, pp. 173-192, 2011. Available at SSRN: http://ssrn.com/abstract=1981859 or http://dx.doi.org/10.1146/annurev-financial-102710-144901

Contact Information

John J. McConnell (Contact Author)
Purdue University ( email )
MGMT, KRAN
403 West State St.
West Lafayette, IN 47907-2056
United States
765-494-5910 (Phone)
765-494-7863 (Fax)
Stephen Buser
Ohio State University (OSU) - Department of Finance ( email )
2100 Neil Avenue
Columbus, OH 43210-1144
United States
614-292-5719 (Phone)

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