At present the global economy is suffering through the effects of ill-conceived lending to sub-prime borrowers. Many of the features of this disaster are remarkably similar to the problems experienced by the NSW Homefund Scheme, which was set up in the late 1980s to lend to low income people who would normally be ineligible for a home loan. This paper describes the problems which arose in Homefund, which also ended in significant losses.
|Publication status||Published - 2008|
|Event||Innovation in Financial Markets - Melbourne|
Duration: 19 May 2008 → 20 May 2008
|Conference||Innovation in Financial Markets|
|Period||19/05/08 → 20/05/08|
- Sub-prime lending: Homefund
- Mortgage backed securities: agency Risk