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The Subprime Morass: Past, Present and Future

The article discusses the proliferation of the mortgage backed securities market in the context of residential mortgages.  It also focuses on the current market liquidity problems arising from the bursting of the housing bubble and associated litigation trends.  Early reviews say that the article is "outstanding in boiling down the basics of how sub prime debt was packaged and repackaged into MBSs, CMOs, CDOs, etc."  The article has also been hailed as the clearest presentation that one reader has ever read on the structure of MBSs, CMOs and CDOs.

Download the article here.