Many believe securitized mortgages caused the 2008 crisis, but author Howard Hill argues that derivatives that amplified their performance woes should bear more of the blame.

Structures such as credit-default swaps, which essentially allowed investors to place unlimited bets on the performance of mortgage bonds without direct ties to the bonds, were the bigger problem, he wrote in his recent book, "Finance Monsters."

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry