Mortgages: Don’t Be Fooled By The Averages

Mortgages: Don't Be Fooled By The Averages by Michael S. Canter and Matthew D. Bass, AllianceBernstein

US mortgages today have little in common with the risky loans made before the housing crisis. But some market participants aren’t treating them all that differently. We think that’s a mistake—and an opportunity.

The confusion, in our view, stems from how people assess default risk. Before investors and analysts buy a residential mortgage-backed security (RMBS)—or assign a credit...

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