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- All HBS Web (41)
- Faculty Publications (14)
- Web
Lehman Brothers Timeline | Baker Library | Bloomberg Center | Harvard Business School
Introduction 1840s – 1880s General Merchants to Commodities Brokers 1880s – 1920s Investment Banking & Securities Underwriting 1920s – 1960s Investing in Emerging Industries 1850–1968 Lehman Brothers Family Partners 1960s – 2000s... View Details
- Web
Bankruptcy | Baker Library | Bloomberg Center | Harvard Business School
investment banks, that package the mortgages into mortgage-backed securities (MBS). MBSs were divided into tranches (levels of risk) and bundled with other kinds of securities... View Details
- Web
Global Impact of the Collapse | Baker Library | Bloomberg Center | Harvard Business School
collapse of Lehman Brothers followed by the close of its London office and other international subsidiaries sent shock waves through the global financial markets with a widespread ripple effect. Defaulted loans on houses in the United States, for example, could be... View Details
- Web
Finance - Faculty & Research
Mortgage Convexity By: Samuel G. Hanson Most home mortgages in the United States are fixed-rate loans with an embedded prepayment option. When long-term rates decline, the effective duration of mortgage-backed View Details
- Web
Leadership Transitions | Baker Library | Bloomberg Center | Harvard Business School
borrowers. The firm’s loans in the subprime market jumped markedly, and by 2007, Lehman Brothers was the largest issuer of mortgage-backed securities among the country’s leading investment banks. With its... View Details
- 30 Aug 2004
- Research & Ideas
Real Estate: The Most Imperfect Asset
securitized, and professionalized. There are over $5.5 trillion of securitized home mortgages, $500 billion of commercial mortgage-backed securities (CMBS) and $200 billion of real estate investment trusts... View Details
- 31 Oct 2016
- Research & Ideas
Quantitative Easing Didn’t Ease the Housing Crisis for the Neediest
financial crisis, for example, the Federal Reserve orchestrated multiple rounds of QE. In the initial round, QE1, the Fed bought $1.25 trillion in mortgage-backed securities and $300 billion in Treasury... View Details
Keywords: by Carmen Nobel
- 01 Jun 2011
- News
What’s after Fannie and Freddie?
privately owned, for-profit companies that guarantee mortgage-backed securities and pay the government to back those guarantees in case the companies themselves fail? That’s essentially the system we had... View Details
- 09 Jan 2006
- Research & Ideas
Rebuilding Commercial Real Estate
mortgage-backed securities (CMBS), which are similar to, but more complex than, the mortgage-backed securities long used to bundle and sell... View Details
- 13 Jun 2012
- HBS Case
HBS Cases: A Startup Takes On the Credit Ratings Giants
including several instances where the highest rated securities (AAA) defaulted. The resulting financial meltdown pushed the US and the rest of the world economy into recession. In the recent case "Kroll Bond Rating Agency," Bo... View Details
- 01 Dec 2005
- News
Trillion-Dollar Fixer-Upper
Street responded by creating commercial mortgage-backed securities (CMBS), which are similar to, but more complex than, the mortgage-backed View Details
- 01 Sep 2018
- News
After the Fall
mortgage-backed securities were greatly overvalued, giving investors and bank CEOs a false sense of security. “The cycles of optimism and pessimism in financial markets will always exist, but we can help... View Details
- 01 Dec 2008
- News
Seth Klarman
dangerous. It will create an ever bigger bunch of excesses that will require an even bigger bailout next time. Was the $700 billion federal rescue package, sold as a plan to buy toxic mortgage-backed View Details
- 31 Aug 2009
- Research & Ideas
Why Competition May Not Improve Credit Rating Agencies
third-party opinions about the credit-worthiness of a firm or a security. Over the past decades, the financial system has come to rely more and more on such ratings. For example, many institutional investors are legally obliged to hold only View Details
- 22 Feb 2022
- Research & Ideas
When Will the Hot Housing Market Finally Start to Cool?
There were a whole lot of risk factors in the Great Recession that contributed to the collapse: It was availability of credit to subprime borrowers, the syndication of these mortgages in the residential mortgage-backed View Details
Keywords: by Christine Pazzanese, Harvard Gazette
- 13 Jan 2015
- First Look
First Look: January 13
obligations (CDOs) and private-label mortgage-backed securities (MBS) backed by nonprime loans played a central role in the recent financial crisis. Little is known, however, about the underlying forces that... View Details
Keywords: Sean Silverthorne
- 24 Oct 2017
- First Look
First Look at New Research and Ideas, October 24, 2017
estate. Students are presented the opportunity to perform valuation analysis and compare two possible forms of financing for the potential acquisition: 1) traditional corporate debt and bond financing and 2) commercial mortgage-backed... View Details
Keywords: Sean Silverthorne
- 01 Dec 2008
- News
No Easy Fix for the Financial Crisis
housing prices were rising, derivatives and mortgage-backed securities produced handsome returns. “Until about eighteen months ago, this strategy worked well,” Rose said. But when the housing bubble burst,... View Details
- 21 Jan 2014
- First Look
First Look: January 21
Convexity By: Hanson, Samuel Gregory Abstract—Most home mortgages in the U.S. are fixed-rate loans with an embedded prepayment option. When long-term rates decline, the effective duration of mortgage-backed View Details
Keywords: Sean Silverthorne
- 29 Sep 2008
- Research & Ideas
Financial Crisis Caution Urged by Faculty Panel
much more complicated due in part to the development of mortgage brokers. The new system fueled a bevy of mortgage backed securities and derivatives that were terribly difficult for experts to comprehend, he said. Too much leverage... View Details