Mortgage Securitization: Lessons for Emerging Markets

摘要

The themes of this study are predictability and transparency. Participants in SMMs that rely on the extended use of mortgage securitization as the basic form of funds transfer require a regulatory and environmental framework that produces predictable results that can be relied on time after time. Furthermore, the actions of all the participants need to be transparent in order to assure the other participants of continued predictability. This study goes into detail on the major participants and the phases of the development of the SMM, and especially focuses on the potential roles of the government. In the United States, the governments role has been to create large, specialized aggregators that guarantee payments from pools of mortgages that back the mortgage securities. Ginnie Mae is a government entity that guarantees payments from securities backed by government-insured or guaranteed mortgages, and Fannie Mae and Freddie Mac are private companies that do the same for all mortgage types, although the three of them do not monopolize the U.S. secondary mortgage market. All this and the important details of the SMM are explained in this study.