theinvestmentenvironment投资环境.pptVIP

* * * * * * * * * 1-* Mortgage Derivatives Problem: Ratings were wrong! Risk was much higher than anticipated, even for the senior tranches Hafiz Hoque 1-* Why was Credit Risk Underestimated? No one expected the entire housing market to collapse all at once Geographic diversification did not reduce risk as much as anticipated Agency problems with rating agencies Credit Default Swaps (CDS) did not reduce risk as anticipated Hafiz Hoque 1-* Credit Def