Affordable Housing Institute : US

At the Mortgage Bankers’ Commercial Real Estate Finance forum in early February, the commercial lenders bemoaned the capital markets’ interconnectedness, for the spike in spreads along the risk curve had escaped its subprime single-family boundaries and infected all forms of commercial finance, as illustrated by this nifty annotated time line from the MBA’s chief economist, […]

[Continued from Part 1 and Part 2.]  
Yesterday’s post deconstructing a Wall Street Journal article had reached the point of observing that securitization has made agency risk worse, because it has separated the value chain into separate discrete steps, each performed at different times by different people.  That increases certain types of risk.  As Mycroft Holmes […]

[Continued from yesterday’s Part 1.]
 
Yesterday’s post started deconstructing a Wall Street Journal article on executive pay and misaligned incentives by using Senator Howard Baker’s recurring compound question: “what did the President know, and when did he know it?”
 

Which piece of paper has the objective truth?
 
We found it was in the interest of these highly compensated […]

Those of us of a certain age can recall as if it were yesterday the Watergate hearings, and Senator Howard Baker’s recurring compound question: “what did the President know, and when did he know it?”
 

Say, whatever happened to that lawyer on the left?
 
For Baker and for many, this was more than an exercise in epistemology […]