GCI Comparative Urbanisms Lecture Series
"The Production of the Financial Crisis in New York City"
Department of Geography, Planning and International Development Studies
University of Amsterdam
Thursday, November 4, 2010
The securitization of residential mortgage loans started a number of decades ago in the US, but was nonetheless said to be at the origins of the global financial crisis of 2007-present. Dr. Aalbers will discuss the history and geography of securitization and the securitization food chain in New York City, including mortgage loan originators (lenders), securitizers such as investment banks, and credit rating agencies. He will also examine the importance of information and the argument that securitization per se was not the problem, but that securitization got out of hand when securitizers and credit rating agencies ignored the fundamentals of mortgage lending in the production of residential mortgage-backed securities (RMBSs) and collateralized debt obligations (CDOs).
Great Cities Institute, Suite 400 CUPPA Hall
412 South Peoria, Chicago, IL 60607
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