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Financing Home Ownership: Origins and Evolution of Mortgage Securitization Public Policy, Financial Innovations and Crises

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Financing Home Ownership: Origins and Evolution of Mortgage Securitization Public Policy, Financial Innovations and Crises CIPR Study Financing Home Ownership: Origins and Evolution of Mortgage Securitization Public Policy, Financial Innovations and Crises By Dimitris Karapiperis Foreword and Concluding Remarks By Eric Nordman Contributions By Richard Field, David M. Rowe Edward Toy, Steven L. Schwarcz L. Randall Wray August 2012 Financing Home Ownership: Origins and Evolution of Mortgage Securitization Public Policy, Financial Innovations and Crises by Dimitris Karapiperis Foreword and Concluding Remarks by Eric Nordman Contributions by Richard Field David M. Rowe Edward Toy Steven L. Schwarcz L. Randall Wray The CIPR Study Series presents research whose purpose is to inform and disseminate ideas to regulators, academics and financial service professionals. The mission for the CIPR is to serve federal and state lawmakers, federal and state regulatory agencies, international regulatory agencies, and insurance consumers, by enhancing intergovernmental cooperation and awareness, improving consumer protection and promoting appropriate marketplace competition. Disclaimer: This study represents the opinions of the author(s), and is the product of professional research. It is not meant to represent the position or opinions of the NAIC or its members, nor is it the official position of any staff members. Any errors are the fault of the author(s). CIPR Study Series 2012-01 Date: August 2012 ABSTRACT The primary purpose of this white paper is to provide an array of options for policymakers to consider in assuring insurance regulators have the best tools available to accurately value insurer residential real estate investments. The white paper details the impact of the housing and subprime market collapse on the insurance industry and presents views and opinions on the nature of the global financial crisis and the need for reform. The paper also traces the evolution of financing home ownership in the United States from the 1800s to the development of the GSEs and modern securitization to the private financial system and the subprime crisis. The paper analyzes the trends that have shaped the housing finance system with a focus on the dynamics of destabilization and the origins of crises. Authors: Dimitris Karapiperis, Researcher, CIPR [email protected] Eric Nordman, Director, CIPR and Regulatory Services [email protected] Richard Field, Managing Director, TYI, LLC [email protected] David M. Rowe, President, David M. Rowe Risk Advisory [email protected] Edward Toy, Director, NAIC Capital Markets Bureau [email protected] Steven L. Schwarcz, Professor, Duke University School of Law [email protected] L. Randall Wray, Senior Scholar, Levy Economics Institute and Professor, University of Missouri- Kansas City [email protected] Acknowledgements: The authors are grateful for the great help and contributions from NAIC CEO Terri Vaughan, Ed Toy and the Capital Market Bureau’s members, Bob Carcano and Eric Kolchinsky from the Securities Valuation Office, Andrew Daleo from the Financial Regulatory Services Department and other staff of the NAIC, particularly Pamela Simpson of Regulatory Services for her editorial help. The authors also thank invited author Richard Field as well as all the NAIC members that reviewed the paper and helped improve it with their invaluable and insightful comments, especially Director Bruce Ramge (NE) and Kevin Fry (IL). ii Contents Foreword ....................................................................................................................................................... 1 Historical Perspective on Financing Home Ownership ................................................................................. 5 Securitization and the Subprime Crisis ......................................................................................................... 8 Insurer Exposure to RMBS .......................................................................................................................... 16 Challenges to Mortgage Insurers and Financial Guarantors ....................................................................... 20 Mortgage Insurers ................................................................................................................................... 20 Financial Guarantors ............................................................................................................................... 25 Regulatory Framework Changes in Response ............................................................................................. 27 What Does the Future Hold? ...................................................................................................................... 32 The Future of GSEs .................................................................................................................................. 33 The Future of RMBS ................................................................................................................................ 36 RMBS Version 2.0 ........................................................................................................................................ 37 ‘Know what you own’ is a significant investor issue. .............................................................................. 37 Why did the market freeze? ................................................................................................................... 37 The question is ‘what will it take to end the buyers’ strike? .................................................................. 38 What is an observable event? ................................................................................................................. 39 Why observable event based reporting? ............................................................................................ 39 How frequently are observable events reported?.............................................................................. 41 The Consumer Financial Protection Bureau ........................................................................................... 42 European attempts at transparency ....................................................................................................... 43 How Should Observable Event Based Reporting be implemented? ....................................................... 44 Who pays for the data warehouse? ........................................................................................................ 45 U.S. Federal Housing Finance Agency looking to oversee development of data warehouse ................. 46 RMBS Market Future............................................................................................................................... 47 The U.S. Residential Finance Market – The Road to Recovery ................................................................... 48 We have met the enemy… ...................................................................................................................... 48 The Role of Collateralized Securities ....................................................................................................... 49 Subordination Also Works ...................................................................................................................... 49 Complexity, Technology and Vested Interests........................................................................................ 50 Behavioral Obstacles and the Danger of Two Cultures .......................................................................... 51 Complexity and the Challenge of Risk Assessment ................................................................................. 52 iii Market-driven Transparency .................................................................................................................. 53 The Evolution of the RMBS Market ............................................................................................................ 56 The Future of Securitization ........................................................................................................................ 63 Securitization’s Role in the Financial Crisis ............................................................................................. 63 Addressing Securitization’s Problems ..................................................................................................... 64 What Went Wrong, and What Needs to Be Fixed? ................................................................................ 65 A. Problematic Asset Type. ................................................................................................................. 65 B. Originate-to-Distribute Moral Hazard............................................................................................. 66 C. Servicing Conflicts. .......................................................................................................................... 67 D. Overreliance on Mathematical Models. ......................................................................................... 68 The Future of Securitization .................................................................................................................... 69 A. General Observations. .................................................................................................................... 69 B. Alternatives to Securitization.........................................................................................................
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