- Technology and Invention in Finance
- Financial Markets: Course Introduction
- Risk and Financial Crises
- Portfolio Diversification and Supporting Financial Institutions
- Insurance, the Archetypal Risk Management Institution
- Barron's Criticism, Determinants of Investment Return
- Lecture 7 - Efficient Markets
- Lecture 8 - Theory of Debt, Its Proper Role, Leverage Cycles
- Lecture 9 - Corporate Stocks
- Lecture 10 - Real Estate Finance
- Lecture 11 - Behavioral Finance
- Lecture 12 - Misbehavior, Crises, Regulation and Self Regulation
- Lecture 13 - Overview of Banks
- Lecture 14 - A Brief History of AIG with Maurice "Hank" Greenberg
- Lecture 15 - Forward and Futures Markets
- Lecture 16 - Banking and Regulations in China with Laura Cha
- Lecture 17 - Options Markets
- Lecture 18 - Monetary Policy
- Lecture 19 - Overview of Investment Banking
- Lecture 20 - Professional Money Managers and Their Influence
- Lecture 21 - Exchanges, Brokers, Dealers, Clearinghouses
Lecture 10 - Real Estate Finance
Real estate finance is so important that it has a very long and complex history. Describing the history of mortgage financing, Professor Shiller highlights the historical development of well-institutionalized property rights for mortgage contracts.
Subsequently, he focuses on modern financial institutions for commercial real estate, elaborating on Direct Participation Programs and Real Estate Investment Trusts as means for its financing. The distinction between short-term, balloon-payment mortgages before the Great Depression and long-term, amortizing mortgages thereafter shapes the discussion of residential real estate.
His discussion of mortgage securitization and government support of mortgage markets centers around Fannie Mae and Freddie Mac, from their inception in 1938 and 1970, respectively, to the U.S. government's decision to put them into federal conservatorship in 2008. Finally, Professor Shiller covers collateralized mortgage obligations (CMOs) and elaborates on moral hazard in the mortgage origination process.
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