divert attention from the underlying breakdown of incentives. Incentive conflicts explain how securitization went wrong, why …

"This paper discusses some of the key characteristics of the U.S. subprime mortgage boom and bust, contrasts them with … characteristics of emerging mortgage markets, and makes recommendations for emerging market policy makers. The crisis has raised … questions in the minds of many as to the wisdom of extending mortgage lending to low and moderate income households. It is …

facilitate the development of mortgage-related securities. Despite such a strong appeal, there are significant barriers to the … development of mortgage securities in emerging markets. Their success is dependent on many factors, starting with a strong legal … and regulatory framework and liberalized financial sector, and including a developed primary mortgage market. The …