Housing trends continue to inform economic and credit analyses in the U.S. and around the globe. Economists and analysts continually assess the prospects for imbalances in property markets in Canada, China, Brazil, France, and other emerging markets. At the same time, Spain and Ireland continue to feel the weight of housing busts following pre-crisis booms. […]
Erkan Erturk is a senior director in Global Structured Finance Research. His current responsibilities include writing and commenting on ABS, RMBS and housing related research topics and studying global structured finance default behavior and default recoveries. Prior to his current position, he was a director in the CDO Group, analyzing the market value CDOs, mutual fund-fee, private-equity and hedge-fund CFO transactions.
Erkan joined Standard & Poor’s Ratings Services in 1996 from Advanta Corp. Previously he was at American Express Company. He also taught corporate fi nance courses as an Instructor at Penn State Finance Department and as an Adjunct Professor at Montclair State University.He holds a Ph.D. in Finance from Penn State University, an M.S. also from Penn State, and a B.S. from Ankara Hacettepe University. His research articles were published in the Journal of Fixed Income, the Journal of Structured Finance, Standard & Poor’s Creditweek as well as Global Credit Portal.
Author Archives: Erkan Erturk
When Standard & Poor’s Ratings Services commented on the credit impact of eminent domain proposals to seize mortgages pledged to residential mortgage-backed securities (RMBS) last year, we considered the likelihood of implementation remote. However, recent developments suggest that the possibility of such eminent domain proceedings has increased, although only in a few jurisdictions. Because of […]
Buyers for newer homes returned to the single-family home market in 2012, resulting in better than expected operating results for most of the homebuilders we rate. Sales volumes and average selling price exceeded our initial expectations, and we currently expect that the homebuilders we rate will deliver on average 20% more homes in 2012 compared […]
Standard & Poor’s rates a universe of 70 equity real estate investment trust (REITs) generally concentrated in a variety of sectors. In this CreditMatters TV segment, Vice President of Client Business Management Steven Rosenzweig and Director Beth Campbell discuss our analytical framework for rating these commercial entities. Topics include business risk and financial risk analyses, […]
U.S. home prices started to rise in recent months, and Standard & Poor’s Ratings Services expects this to continue into the summer, given the seasonal trends of the past few years. We don’t expect this rise to be uninterrupted, however. Prices will likely dip again later this year as newly foreclosed properties reach the market, […]
Standard & Poor’s recently published a commentary on several central housing market trends that could impact the credit quality of U.S. residential mortgage-backed securities (RMBS). In this CreditMatters TV segment, my colleague, Managing Director Vandana Sharma explains that three key variables, collateral performance, the effectiveness of structural protections, and transaction party behavior and incentives, will […]