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Saturday, April 10, 2010

Relay: Josh Rosner on Securitization

Joshua Rosner on Securitization from Roosevelt Institute on Vimeo.

Joshua Rosner is a Partner at the independent research consultancy Graham Fisher & Co and advises regulators and institutional investors on housing and mortgage finance issues.  Previously he was the Managing Director of financial services research for Medley Global Advisors and was an Executive Vice President at CIBC World Markets.  Mr. Rosner was among the first analysts to identify operational and accounting problems at the Government Sponsored Enterprises and one of the earliest in identifying the peak in the housing market, the likelihood of contagion in credit markets, and the weaknesses in the credit rating agencies' CDO assumptions.

1 comment:

  1. While his proposals are rational and sound I cannot see the industry allowing this to pass. They make so much money from fleecing their "sophisticated" clientele and their whole bonus system is predicated on ripping off of others. You also have a political system in the US that basically is buyer gets all. which means Wall Street will be busy buying up representatives and senators to stop any coherent reform getting through, and certainly nothing that upsets their current business model.

    Though longer term I still think that the whole securitisation market is a scam. It is incentivised to get rid of the worst loans off the originators books or in the case of Northern Rock the best loans into certain peoples hands. If banks were unable to sell off these low rated loans then they may not make them in the first place. That would have stopped the sub prime bubble in the first place. Banking survived for hundreds of years before this form of financial engineering.