According to a group of analysts and business executives, one of the major problems leading to the financial system meltdown was a lack of transparency. They disclosed the reason to REALTORS® during the Real Estate Summit at the 2010 Midyear Legislative Meetings & Trade Expo in Washington, D.C.
Alan Boyce, CEO of Absalon said that Institutional secrecy, whether intended or not, made it difficult to get good data and understand risk. For instance, the mortgage-backed securities market was “opaque” and “idiosyncratic” prior to the housing meltdown, he said. His company, Absalon, is a joint venture between VP Securities and Soros Fund Management; its purpose is to empower countries to adopt the beneficial attributes of the Danish mortgage system.