Refinancing Real Estate Loans - Lessons to be Learned from the Subprime Crisis (Volume 38)

Prof. Dr. Markus Rudolf und Prof. Anthony Saunders

This study aims at analyzing the credit risk implications of the financial market crisis on three types of financial instruments which securitize mortgage loans: Mortgage Pfandbriefe, Mortgage-Backed Securities (MBS), and Collateralized Debt Obligations (CDOs). While Mortgage Pfandbriefe are the predominant financial instrument to securitize mortgage loans in Germany, CDOs and MBS are forms
of securitizing mortgage loans in the UK and the US. The study has shown that there are major legal and regulatory differences between the three instruments.