Financial Markets (2011) (ECON 252)
Real property finance is so essential that it has a really lengthy and sophisticated historical past. Describing the historical past of mortgage financing, Professor Shiller highlights the historic growth of well-institutionalized property rights for mortgage contracts. Subsequently, he focuses on trendy monetary establishments for industrial actual property, elaborating on Direct Participation Programs and Real Estate Investment Trusts as means for its financing. The distinction between short-term, balloon-payment mortgages earlier than the Great Depression and long-term, amortizing mortgages thereafter shapes the dialogue of residential actual property. His dialogue of mortgage securitization and authorities help of mortgage markets facilities round Fannie Mae and Freddie Mac, from their inception in 1938 and 1970, respectively, to the U.S. authorities’s choice to place them into federal conservatorship in 2008. Finally, Professor Shiller covers collateralized mortgage obligations (CMOs) and elaborates on ethical hazard within the mortgage origination course of.
00:00 – Chapter 1. Early History of Real Estate Finance & the Role of Property Rights
13:39 – Chapter 2. Commercial Real Estate and Investment Partnerships
28:12 – Chapter 3. Residential Real Estate Financing earlier than the Great Depression
32:19 – Chapter 4. Residential Real Estate Financing after the Great Depression
48:02 – Chapter 5. Mortgage Securitization & Government Support of Mortgage Markets
01:01:06 – Chapter 6. Mortgage Securities & the Financial Crisis from 2007-2008
Complete course supplies can be found on the Yale Online web site: on-line.yale.edu
This course was recorded in Spring 2011.