The U.S. Subprime Crisis and the CDO Troubles
Liu, Yuan (2007) The U.S. Subprime Crisis and the CDO Troubles. [Dissertation (University of Nottingham only)] (Unpublished)
The prolonged weakening in the U.S. subprime mortgage market has grown to become a global event in 2007. The growing default rates have let down a number of weighty players, ranging from HSBC to Bear Sterns hedge funds and then to the most recent Northern Rock - the U.K.'s fifth largest mortgage lender. As the stock market is becoming increasingly volatile, questions begin to accumulate. Essentially, these questions break down into: how and why did a massive number of defaults emerge? how are the difficulties in the subprime market passed on to the financial markets, in particular the CDO market? and, where are all these heading for?
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