divert attention from the underlying breakdown of incentives. Incentive conflicts explain how securitization went wrong, why … supervision in every country in the world. The paper concludes by identifying reforms that would improve incentives by increasing … transparency and accountability in government and industry alike. "--World Bank web site …

In 2007 the world faced one of the biggest financial crises ever. It was the third important financial crisis in the … theoretical models and a survey of institutions involved in securitization. With the conclusions of this analysis we evaluate the …

regulatory reform. The analysis ascribes the crisis not only to problems in subprime mortgage lending and securitization, but … and securitization, focusing on problems of security design and governance, and lack of external discipline from rating …. Among systemic flaws, the paper discusses governance problems in mortgage origination and securitization as well as banking …