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Banks and banking --- Asset-backed financing --- Asset-backed securities --- Asset-based financing --- Asset securitization --- Securitization, Asset --- Corporations --- Covered bonds --- Finance

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Asset-backed financing --- 336.71 --- Asset-backed securities --- Asset-based financing --- Asset securitization --- Securitization, Asset --- Corporations --- Covered bonds --- Bankwezen --- Finance --- 336.71 Bankwezen --- Banques

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A comprehensive account of the rise and fall of the mortgage-securitization industry, which explains the complex roots of the 2008 financial crisis. More than a decade after the 2008 financial crisis plunged the world economy into recession, we still lack an adequate explanation for why it happened. Existing accounts identify a number of culprits—financial instruments, traders, regulators, capital flows—yet fail to grasp how the various puzzle pieces came together. The key, Neil Fligstein argues, is the convergence of major US banks on an identical business model: extracting money from the securitization of mortgages. But how, and why, did this convergence come about? The Banks Did It carefully takes the reader through the development of a banking industry dependent on mortgage securitization. Fligstein documents how banks, with help from the government, created the market for mortgage securities. The largest banks—Countrywide Financial, Bear Stearns, Citibank, and Washington Mutual—soon came to participate in every aspect of this market. Each firm originated mortgages, issued mortgage-backed securities, sold those securities, and, in many cases, acted as their own best customers by purchasing the same securities. Entirely reliant on the throughput of mortgages, these firms were unable to alter course even when it became clear that the market had turned on them in the mid-2000s. With the structural features of the banking industry in view, the rest of the story falls into place. Fligstein explains how the crisis was produced, where it spread, why regulators missed the warning signs, and how banks’ dependence on mortgage securitization resulted in predatory lending and securities fraud. An illuminating account of the transformation of the American financial system, The Banks Did It offers important lessons for anyone with a stake in avoiding the next crisis.

Mortgages --- Financial crises --- Banks and banking --- Global Financial Crisis, 2008-2009. --- History --- Banks. --- CDO. --- Federal Reserve. --- Financial crisis. --- Financial deregulation. --- Financial innovation. --- Financial institutions. --- Financialization. --- Great Recession. --- MBS. --- Market Devices. --- Mortgage Securitization. --- Securitization. --- Sociology of markets.

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In this paper, we analyze the securitization mechanism, the impact it can have on our economy and the way it has developed over time in Belgium and the United States of America.

Firstly, this memory explains how the securitization works, the benefits it provides and the risks that can occur from the point of view of stakeholders. We also defined the different methods used to avoid these risks, the conflicts of interest that could arise for rating agency and the rules implemented in the US and Europe to avoid them. We also illustrated the place and responsability of each actor in the process of securitization. 

In a second part, we develop how banking regulations were adapted after the crisis through Basel III, the context of the 2007 economic crisis and how the securitization played a role in amplifying the crisis.

Then, we analyze the legal framework based on regulations that were implemented in Belgium and in the US, and tried to show how all these laws can limit misuse and the risks associated with the securitization mechanism. We also underline the differences between the regulations implemented in both countries and demonstrate that the same tool used under different conditions can produce two opposite effects. 

Finally, we give an opinion about the role that ethics play in finance and explain the concept from a theoretical standpoint. We also explore to show why nowadays many people think these two words (ethic and finance) are not really compatible.

securitization --- legal framework --- Belgium --- US --- financial crisis --- banking regulations --- titrisation --- cadre légal --- crise financière --- Sciences économiques & de gestion > Finance

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Migranthood chronicles deportation from the perspectives of Indigenous youth who migrate unaccompanied from Guatemala to Mexico and the United States. In communities of origin in Guatemala, zones of transit in Mexico, detention centers for children in the U.S., government facilities receiving returned children in Guatemala, and communities of return, young people share how they negotiate everyday violence and discrimination, how they and their families prioritize limited resources and make difficult decisions, and how they develop and sustain relationships over time and space. Anthropologist Lauren Heidbrink shows that Indigenous youth cast as objects of policy, not participants, are not passive recipients of securitization policies and development interventions. Instead, Indigenous youth draw from a rich social, cultural, and political repertoire of assets and tactics to navigate precarity and marginality in Guatemala, including transnational kin, social networks, and financial institutions. By attending to young people's perspectives, we learn the critical roles they play as contributors to household economies, local social practices, and global processes. The insights and experiences of young people uncover the transnational effects of securitized responses to migration management and development on individuals and families, across space, citizenship status, and generation. They likewise provide evidence to inform child protection and human rights locally and internationally.

Children of migrant laborers --- Government policy --- Guatemala --- United States --- Guatemala. --- United States. --- Mexiko --- USA --- Emigration and immigration. --- Central America. --- Deportation. --- Immigration. --- Indigenous youth. --- Mexico. --- Securitization. --- Unaccompanied Children.