The Subprime Mortgage Crisis of 2007: Anatomy of a Market Failure
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Date: 03-10-2008
Start Time:
6:00pm
End Time: 7:30pm
Speaker: Kenneth A. Posner, Morgan Stanley
Location: 412 Schapiro CEPSR, Davis Auditorium
ABSTRACT
As home prices soared in 2004-5, consumers, realtors, mortgage lenders, homebuilders, and investment banks all benefited. But few thought the good times would last - after all, everyone had learned to recognize a bubble when they saw one. If that's the case, how did mortgage losses turn out so large, and why do we find ourselves today confronting a major financial crisis? This presentation will survey the damage resulting from the subprime mortgage crash and provide a possible explanation for the magnitude of the surprise which may be relevant to investors and risk managers in other markets.
BIO
Kenneth A. Posner, Specialty and Mortgage Finance Kenneth Posner is a managing director and head of the mortgage finance and specialty finance equity research team. Prior to joining the Equity Research department in 1995, Ken worked in Morgan Stanley's investment banking group, where he focused on commercial real estate transactions. He previously served as a captain of infantry in the US Army, and was airborne and ranger qualified. Ken earned a B.A. from Yale University in 1985 and an M.B.A. with honors from the University of Chicago Graduate School of Business in 1991. He is a Certified Public Accountant and holds the Chartered Financial Analyst and Financial Risk Manager designations.