Institutions and Incentives in Mortgages and Mortgage-Backed Securities
By William Goetzmann - Yale
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Lecture Description
Capitalism: Success, Crisis and Reform (PLSC 270) Guest speaker Will Goetzmann, Director of the Yale International Center for Finance and professor at the Yale School of Management, provides a brief history of debt and financial crises. Professor Goetzmann begins with a discussion on debt slavery in the ancient world, and moves on to real estate financing in New York City. Professor Goetzmann also presents recent research by himself and others on the collapse of the real estate market. He explores the notion that the collapse of the mortgage market followed from the fallout of the larger financial crisis, rather than the other way around. Data on the real estate market is presented and discussed. Larger claims about responsibility of different players for the economic crisis are briefly assessed. 00:00 - Chapter 1. Financial History, with Will Goetzmann 24:20 - Chapter 2. Current Financial Crisis 26:56 - Chapter 3. Price Growth vs. Subprime Approvals 35:12 - Chapter 4. Estimating the Relationship between Past Growth and Future Growth in Mortgage Prices 40:27 - Chapter 5. 2006 Mortgage Regressions 45:44 - Chapter 6. Evidence for Three Demand Effects and Loan Level Likelihood of Approval Complete course materials are available at the Open Yale Courses website: http://open.yale.edu/courses This course was recorded in Fall 2009.
Course Description
In this course, we will seek to interpret capitalism using ideas from biological evolution: firms pursuing varied strategies and facing extinction when those strategies fail are analogous to organisms struggling for survival in nature. For this reason, it is less concerned with ultimate judgment of capitalism than with the ways it can be shaped to fit our more specific objectives – for the natural environment, public health, alleviation of poverty, and development of human potential in every child. Each book we read will be explicitly or implicitly an argument about good and bad consequences of capitalism. This Yale College course, taught on campus twice per week for 50 minutes, was videotaped for Open Yale Courses in Fall 2009. We apologize, but Lecture 10 in the course, "Guest Lecture by Richard Medley: Entrepreneurship in Business Information" is not currently available through Open Courseware.
