RT Journal Article SR Electronic T1 How Did We Get Here? The Story of the Credit Crisis JF The Journal of Structured Finance FD Institutional Investor Journals SP 53 OP 70 DO 10.3905/JSF.2009.15.1.053 VO 15 IS 1 A1 Faten Sabry A1 Chudozie Okongwu YR 2009 UL https://pm-research.com/content/15/1/53.abstract AB This article examines the problems in the mortgage markets and the subsequent contagion that led to the current credit crisis, and provides a critical analysis of the possible contributing factors. The authors start with the first signs of the credit crisis in the subprime market and describe factors leading to the deterioration of mortgages, including lax underwriting standards, an increase in homeowners' debt burdens, the combination of low cost of credit and increasing house prices, and the increased use of riskier types of non-traditional mortgages. They then describe the reversal of housing prices and interest rates and signs of a full credit crisis that appeared in 2007. The authors address the controversy over the role of structured financial instruments in the crisis and whether the use of those instruments magnified its impact, with emphasis on collateralized debt obligations (CDOs), credit default swaps (CDSs), and structured investment vehicles (SIVs). Finally, they describe the flight to quality and the freeze in the credit markets.TOPICS: CLOs, CDOs, and other structured credit, financial crises and financial market history