Mortgage Securitization Expert Discusses Subprime Mortgage Crisis

    Mortgage Expert WitnessThis case was an investigation into the subprime mortgage crisis in North Carolina. Following the housing market collapse, the FBI began to investigate the causes and reasons behind the financial failure. With a large swath of citizens losing their homes, additional pressure was placed on the financial sector and the federal authorities to better comprehend what had happened. Consequently, a financial expert who could comment on industry norms in the mortgage business of the financial sector was required.

    Question(s) For Expert Witness

    • 1. Please discuss your background working as a banker as it relates to the mortgage crisis.

    Expert Witness Response E-009408

    I have a full understanding of the financial crisis, including the specific case of the mortgage crisis, stemming from my career as a rating advisor and a banker at a major financial firm. I can comment on a whole range of issues: what caused issuing standards to be lowered, and how it created the problematic subset of sub-prime mortgage-backed securities, the players who made subprime mortgage loans and their reasoning in doing so, the individuals which then securitized and sold the mortgages, and the pivotal role of the rating agencies. There were also committees at major financial institutions at the time which approved securitization of the mortgage issuers’ mortgages despite testimony from their own bankers that the issuer was disturbingly dishonest.

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