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Standardization of Information and Financial Innovation: Lessons from Mortgage Securitization
Abstract
Mortgage securitization markets emerged as an extension of the primary mortgage lending markets. This created the need for standardization of information across these two contexts that would enable a collective and universal understanding of credit risk and its management. The securitization industry, however, instead of developing standardization management strategies that would support this vision, it rather chose to implement an organizing vision that was centered around operational efficiency and profit-making supported by a focus on functional specialization. The outcome was the fragmentation of the securitization supply chain via vertical disintegration, which undermined the unity of the risk analysis process. This chapter argues that the effects of technological standardization on innovation in the mortgage industry should be explored beyond a narrow focus on efficiency and profit in relation to an individual organization's business strategy; but rather within an extended scope that includes broader social and policy contexts that guide innovation.
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