@inbook{10.7864/j.ctt1261bs.9,
 URL = {http://www.jstor.org/stable/10.7864/j.ctt1261bs.9},
 abstract = {Mortgage securitization has been tried several times in the United States, and each time it has failed amid a credit bust.¹ In what is now a familiar recurring history, during the credit boom, underwriting standards are violated and guarantees are inadequately funded; subsequently, defaults increase and investors in mortgage-backed securities attempt to dump their investments.² Ex post, the securitizers are taken to task for the methods they used to originate and sell bonds and for not looking out for the interests of bondholders.³ In the most severe cases, a federal emergency response to a mortgage crisis is mounted.4 In effect,},
 author = {DIANA HANCOCK and WAYNE PASSMORE},
 booktitle = {The Future of Housing Finance: Restructuring the U.S. Residential Mortgage Market},
 pages = {111--145},
 publisher = {Brookings Institution Press},
 title = {Catastrophic Mortgage Insurance and the Reform of Fannie Mae and Freddie Mac},
 year = {2011}
}