McConnell, John J.; Buser, Stephen A. - In: Annual Review of Financial Economics 3 (2011) 1, pp. 173-192
The first mortgage-backed security (MBS) was issued in 1968. Thereafter, the MBS market grew rapidly with outstanding issuances exceeding $9 trillion by 2010. The growth in the MBS market was accompanied by numerous innovations such as collateralized mortgage obligations (CMOs) and the emergence...
