Mark Adelson - Selected Publications

Recent

> Securitization 101 (12/15/20) (.pptx version)
> ABS East 2020 Conference Notes (12/9/20)
> CLO Credit Ratings Gone Awry, J. Struc. Fin. (9/30/20)
> CLO Conference Notes 2020, J. Struc. Fin. (7/3/20)
> The Mortgage Meltdown and the Failure of Investor Protection, J. Struc. Fin. (3/4/2020)
> ABS East 2019 Conference Notes
, J. Struc. Fin.  (11/11/19)
> CLO Conference Notes 2019, J. Struc. Fin.  (7/30/19)
> Comment Letter to S&P re CLO Criteria (4/30/19)
> ABS East 2018 Conference Notes, J. Struc. Fin. (10/30/18)
> CLO Conference Notes 2018, J. Struc. Fin. (6/28/18)
Representations & Warranties in MBS, J. Struc. Fin. (4/26/17) #
> Handbook of Mortgage-Backed Securities (Ch. 19, 10/28/16) #

General

> Current Issues in Securitization (NYC Bar Assoc., 9/23/16)
> Current Issues in Securitization (NYC Bar Assoc., 10/5/15)
> Deeper Causes of the Financial Crisis - Mortgages Alone Cannot Explain It, J. Portfolio Mgmnt. (4/30/13) #
> The Role of the U.S. Financial System: What Should it Be? (2/16/12)
> Bond Portfolio Credit Analysis - The CDO Approach (5/24/05)
> Securitization Glossary (11/25/02)
> Thirty Years Later Securitization is Still Good for America (3/15/02)

Credit and Credit Ratings

> CLO Credit Ratings Gone Awry, J. Struc. Fin. (9/30/20)
> Inflated Ratings on Pre-Crisis CDOs, J. Struc. Fin. (7/26/16) #
> Strengthening Credit Rating Integrity (11/9/15) #
   ==> Journal of Financial Regulation and Compliance
   ==> Authorized post-print version (full text)
> Bond Insurance: Introducing a Better Business Model, Mun Fin. J., abstract (10/26/15)
> Rating Agency Reform Panel (ABS Vegas), Adelson Remarks (2/10/15)
> IOSCO Rating Agency Code of Conduct Comment Letter (3/4/2014)
> The Role of Credit Ratings in the Financial System (5/17/12)
> The Time Dimension of Standard & Poor's Credit Ratings (9/22/10)
> A Global Cross-Asset Report Card of Ratings Performance in Times of Stress (6/8/10)
> On the Art and Science of Credit Analysis (11/05/09)
> Big Changes in Standard & Poor's Rating Criteria (11/3/09)
> Understanding Standard & Poor's Rating Definitions (6/3/09)
> Congressional Testimony: The Role of the Credit Rating Agencies in the Structured Finance Market (9/27/07)
> Bond Rating Confusion (6/29/06)
> Rating Shopping – Now the Consequences (2/16/06)
> CMBS Credit Migrations - 2005 Update (11/30/05)
> ABS Credit Migrations 2004 (12/7/2004)
> NERA Study of Structured Finance Ratings - Market Implications (11/6/03)
> CMBS Watchlistings, Downgrades, and Surveillance (10/2/03)
> Temporal Aspects of CMBS Downgrades and Surveillance (7/1/03)
> CMBS Credit Migrations (12/4/02)
> ABS Credit Migrations (1/9/02, updated 3/5/02)
> Introduction to Moody's Analysis of Securitization Transactions and Structures (4/2/93)

Model Risk

> Inflated Ratings on Pre-Crisis CDOs, J. Struc. Fin., (7/26/16)  #
> Risk Management Lessons from the Sub-prime Problem (3/4/08)
> The Need to See Past the Data (11/12/07)
> Model Risk Update (11/29/05)
> What a Coincidence (5/19/03)
> How the Events of 9/11 Affect Thinking about Risk (2/28/02)

CDOs & Credit Derivatives

> CLO Credit Ratings Gone Awry, J. Struc. Fin. (9/30/20)
> CLO Conference Notes 2020, J. Struc. Fin. (7/3/20)
> CLO Conference Notes 2019 J. Struc. Fin. (7/30/19)
> Comment Letter to S&P re CLO Criteria (4/30/19)
> CLO Conference Notes 2018, J. Struc. Fin. (6/28/18)
> CLO Conference Notes 2017, J. Struc. Fin. (6/10/17)

> Inflated Ratings on Pre-Crisis CDOs, J. Struc. Fin., (7/26/16) #
> CLO Conference Notes 2016, J. Struc. Fin. (5/26/16)
> Let's Be Reasonable about CDOs (10/10/07)
> CDOs-Squared Demystified (5/4/05)

> IMN CDO/Credit Derivatives 2005 Conference Notes (4/11/05)
> "The Bespoke [bispˇuk]" – A Guide to Single-Tranche Synthetic CDOs (11/17/04)
> Tranching Credit Risk (10/8/04)
> CDOs in Plain English (9/13/04)
> Correlation Primer  (8/6/04)

Miscellaneous

> ABS-MBS Litigation Outlook (11/19/07)
> Synthetic ABS Nuances (1/16/07)
> Fed's Moves Create Unreasonable Moral Hazard  (3/17/08)
> The Dysfunction of the Canadian ABCP Clean-Up (11/7/07)

Accounting

> Off-Balance Sheet Update (11/24/03)
> Off-Balance Sheet Update (3/13/03)

> Off-Balance Sheet Update (7/31/2002)
> Accounting vs. Reality: Can We Handle the Truth? (4/16/02)
> Risk-Based Capital Update (12/19/01)

Mortgages and Mortgage-Backed Securities

> The Mortgage Meltdown and the Failure of Investor Protection, J. Struc. Fin (3/4/20)
Representations & Warranties in MBS, J. Struc. Fin. (4/26/17) #
> NAIC/CIPR Private-Label MBS Study (pp. 46-51, 12/15/16)
> Handbook of Mortgage-Backed Securities (Ch. 19, 10/28/16)
#
> Private-Label MBS Comment Letter (8/6/2014)
Credit Risk Retention Comment Letter (10/28/13)
> The Sub-prime Problem: Causes & Lessons (1/8/08)
> Modify This! - Policymakers Are Wrong to Push for Loan Modifications to Help Defaulted Borrowers  (6/22/07)
> Sub-Prime Surprise… Not! (4/18/07)
> Sub-prime Mortgage Loans, Sub-prime Mortgage ABS, and the ABX Indices (2/28/07)
> Structured Finance Trends – Yield Spreads, Credit Support, and Collateral Performance – The Big Picture (6/27/05)
> Oops… They Did It Again (4/2/03)
> Jumbo MBS Credit Enhancement: More of the Same, or Less? (12/5/01)
> Jumbo MBS: Where's the Credit Enhancement? (7/12/01)
> 7–6–5–4–3..... Credit Enhancement for Jumbo MBS: Where is the Bottom?  (7/10/98)
> Dispelling Some Common MBS Myths (12/12/97)

Selected Presentation Slideshows

> Securitization 101 (2020) (.pptx version)
> Rating Agency Reform (2015)
> Credit Analysis of Securitizations: RMBS & CDOs (2014)
> Introduction to Credit Analysis & Ratings (2014)
> The Future of Securitization (2008)
> Securitization - The Secondary Market (2008)
> CDOs and Their Connection to Subprime Mortgages (2008)
> The Suubprime Mortgage Situation: Causes & Lessons (2008)
> MBS Basics (2006)
> How the Events of 9/11 Affect Thinking about Risk (2002)
> What Makes an Asset Class Suitable for Securitization (1998)
> Structural Developments and Innovations in ABCP (1997)

Product Primers

> Synthetic CMBS Primer (9/5/06)
> MBS Basics (3/31/06)
> Student Loan ABS 101 (1/26/05)
> Home Equity ABS Basics (11/1/04)
> CDOs in Plain English (9/13/04)
> Journey to the Alt-A Zone (6/3/03)

Securitization Conference Notes

> ABS East 2020 (12/9/20)
> CLO Conference Notes 2020, J. Struc. Fin. (7/3/20)
> ABS East 2019, J. Struc. Fin.  (11/11/19)
> CLO Conference Notes 2019, J. Struc. Fin. (7/30/19)
> ABS East 2018, J. of Struc. Fin. (10/30/18)
> CLO Conference Notes 2018, J. Struc. Fin. (6/28/18) #
> CLO Conference Notes 2017, J. Struc. Fin. (6/10/17)

> SFIG Vegas 2017 (3/11/17)
ABS East 2016, J. Struc. Fin. (9/29/16)
> CLO Conference Notes 2016, J. Struc. Fin. (5/26/16) #
> ABS East 2015, J. Struc. Fin. (9/25/2015)
ABS Vegas 2015J. Struc. Fin. (5/1/15)
> ABS East 2012 (10/28/12)
> Andrew Davidson & Co. 20th Annual Conf. (8/2/12)
> ASF 2012 (2/1/12)

> ABS East 2011 (10/26/11)
> ASF 2011 (2/22/11)
> ABS East 2010 (10/14/10)
> ASF 2010 (2/9/10)
> ABS East 2009 (11/6/09)
> ABS East 2008 (10/31/08)
> ASF 2008 (2/11/08)
> ABS East 2007 (11/12/07)
> ASF 2007 (2/5/07)
> ABS East 2006 (11/13/06)
> ABS West 2006 (2/15/06)
> ASF 2006 (2/3/06)
> ABS East 2005 (9/19/05)
> CDOs/Credit Derivatives 2005 (4/11/05)
> ABS West 2005 (2/14/05)
> ABS East 2004 (10/21/04)
> ASF 2004 and ABS West 2004 (2/10/04)
> ABS East 2003 (10/20/03)
> ABS West 2003 and SRI 2003 (2/18/03)
> ABS East 2002 (10/7/02)
> ABS West 2002 and SRI 2002 (2/27/02)
> SRI 2001 (3/1/01)

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