Download or read book Report to Congress on the Root Causes of the Foreclosure Crisis written by Christopher E. Herbert and published by DIANE Publishing. This book was released on 2010-06 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzes data and trends in the residential housing market and reviews the academic lit. and industry press on the root causes of the current foreclosure crisis (FC). Provides a review of policy responses and recommended actions to mitigate the FC and help prevent similar crises from occurring in the future. Contents: (1) Trends in Delinquencies and Foreclosures: Regional Trends in Foreclosures; (2) Lit. Review: General Lit. on Causes of Foreclosures and Delinquencies; Lit. Assessing Causes of the Current FC; Factors Enabling Expanded Risky Lending; (3) Policy Responses to the FC: Efforts To Address Rising Foreclosures; Efforts To Reduce the Risk of High Rates of Mortgage Foreclosures in the Future; Mortgage Market Reform. Illus.
Download or read book The Foreclosure of America written by Adam Michaelson and published by Penguin. This book was released on 2009-01-06 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now in paperback-an inside look at Countrywide Home Loans and the mortgage crisis, from a former mortgage lender executive. In July 2004, Adam Michaelson attended a high-level meeting at Countrywide Financial headquarters about a new loan product that would allow borrowers to pay less than their minimum monthly payment. The "finance jocks" believed that the booming housing market would only get bigger, supporting homeowners in a cycle of borrowing against their houses and refinancing later. They were wrong. And when the bottom dropped out, Countrywide suffered the consequences-as did millions of Americans. With an insider's knowledge and thorough reporting on the impact on American families and the ripple effects on the economy, Michaelson examines the marketing of a mirage and the bad business decisions that destroyed a company, confronts the ethical questions that have arisen in the wake of the foreclosure crisis, and offers creative proposals to prevent such a meltdown from ever happening again.
Download or read book Looming Foreclosure Crisis How to Help Families Save Their Homes written by Richard J. Durbin and published by DIANE Publishing. This book was released on 2009-05 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: Witnesses: Thomas Bennett, Bankruptcy Judge, U.S. Bankruptcy Court for the N. Dist. of AL; Jacqueline Cox, Bankruptcy Judge, U.S. Bankruptcy Court for the N. Dist. of IL; Joseph Mason, Drexel Univ.; Nettie McGee, Chicago, IL; Mark Scarberry, Pepperdine School of Law, and Amer. Bankruptcy Inst.; Henry Sommer, Nat. Assoc. of Consumer Bankruptcy Attorneys; Mark Zandi, Moody¿s. Submissions for the Record: Amer. Bankers Assoc.; Financial Serv. Roundtable; Thomas Bennett, Bankruptcy Judge; Erwin Chemerinsky, Duke Univ.; Consumer, and civil rights advocate; Consumer Fed. of Amer.; Consumer Mortgage Coalition; Jacqueline Cox, Bankruptcy Judge; Leadership Conf. on Civil Rights. Illus.
Download or read book Why Did So Many People Make So Many Ex Post Bad Decisions The Causes of the Foreclosure Crisis written by and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Foreclosed Justice written by United States. Congress. House. Committee on the Judiciary and published by . This book was released on 2011 with total page 608 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Reducing Foreclosures written by Christopher Foote and published by DIANE Publishing. This book was released on 2009 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Takes a skeptical look at a leading argument about what is causing the foreclosure crisis and what should be done to stop it. The authors focus on two key decisions: the borrower's choice to default on a mortgage and the lender's subsequent choice whether to renegotiate or modify the loan. Unaffordable loans, defined as those with high mortgage payments relative to income at origination, are unlikely to be the main reason that borrowers decide to default. The efficiency of foreclosure for investors is a more plausible explanation for the low number of modifications to date. Policies designed to reduce foreclosures should focus on ameliorating the effects of job loss rather than modifying loans to make them more affordable on a long-term basis. Illustrations.
Download or read book Decomposing the Foreclosure Crisis written by Kristopher Gerardi and published by DIANE Publishing. This book was released on 2010-06 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Estimates a model of foreclosure using a data set that includes every residential mortgage, purchase-and-sale, and foreclosure transaction in Mass. from 1989 to 2008. Addresses the identification issues related to the estimation of the effects of house prices on residential foreclosures. Studies the dramatic increase in foreclosures that occurred in Mass. between 2005 and 2008 and concludes that the foreclosure crisis was primarily driven by the severe decline in housing prices that began in the latter part of 2005, not by a relaxation of underwriting standards. Relaxed underwriting standards severely aggravated the crisis by creating a class of homeowners who were particularly vulnerable to the decline in prices. Charts and tables.
Download or read book America s Foreclosure Crisis written by Russell Burns and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The problems in the mortgage market are routinely referred to as a "foreclosure crisis" because the level of defaults and foreclosures greatly exceed previous peak levels in the post-war era and, as a result, have drawn comparisons to the levels of distress experienced in the Great Depression. This book contains a review of the academic literature and industry press on the root causes of the current foreclosure crisis, data and analysis of trends in the market, and policy responses and recommended actions to mitigate the current crisis and help prevent similar crises from occurring in the future.
Download or read book Causes of the Foreclosure Crisis written by Christopher L. Foote and published by . This book was released on 2012-04-05 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents 12 facts about the mortgage crisis. The authors argue that the facts refute the popular story that the crisis resulted from finance industry insiders deceiving uninformed mortgage borrowers and investors. Instead, they argue that borrowers and investors made decisions that were rational and logical given their ex post overly optimistic beliefs about house prices. Neither institutional features of the mortgage market nor financial innovations are any more likely to explain those distorted beliefs than they are to explain the Dutch tulip bubble 400 years ago. Economists should acknowledge the limits of their understanding of asset price bubbles and design policies accordingly. Charts and tables. This is a print on demand report.
Download or read book Chain of Blame written by Paul Muolo and published by John Wiley & Sons. This book was released on 2010-02-02 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: An updated and revised look at the truth behind America's housing and mortgage bubbles In the summer of 2007, the subprime empire that Wall Street had built all came crashing down. On average, fifty lenders a month were going bust-and the people responsible for the crisis included not just unregulated loan brokers and con artists, but also investment bankers and home loan institutions traditionally perceived as completely trustworthy. Chain of Blame chronicles this incredible disaster, with a specific focus on the players who participated in such a fundamentally flawed fiasco. In it, authors Paul Muolo and Mathew Padilla reveal the truth behind how this crisis occurred, including what individuals and institutions were doing during this critical time, and who is ultimately responsible for what happened. Discusses the latest revelations in the housing and mortgage crisis, including the SEC's charging of Angelo Mozilo Two well-regarded financial journalists familiar with the events that have taken place chronicle the crisis in detail, showing what happened as well as what lies ahead Discusses how the world's largest investment banks, homeowners, lenders, credit rating agencies, underwriters, and investors all became entangled in the subprime mess Intriguing and informative, Chain of Blame is a compelling story of greed and avarice, one in which many are responsible, but few are willing to admit their mistakes.
Download or read book Role of the Lending Industry in the Home Foreclosure Crisis written by United States. Congress. House. Committee on the Judiciary. Subcommittee on Commercial and Administrative Law and published by . This book was released on 2010 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Restoring the American Dream written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2010 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Interim Report to Congress on the Root Causes of the Foreclosure Crisis written by U.S. Department of Housing and Urban Development and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study of the root causes of the current extremely high levels of defaults and foreclosures among residential mortgages represents the interim report to Congress by the Secretary of the Department of Housing and Urban Development (HUD) pursuant to Section 1517 of the Housing and Economic Recovery Act (HERA) of 2008 (P.L. 110-289). The problems in the mortgage market are routinely referred to as a "foreclosure crisis" because the level of defaults and foreclosures greatly exceed previous peak levels in the post-war era and, as a result, have drawn comparisons to the levels of distress experienced in the Great Depression. This interim report contains a review of the academic literature and industry press on the root causes of the current foreclosure crisis and a plan for further discussion of policy responses to the crisis. A final report will expand upon this interim report with additional data and analysis of trends in the market as well as a more detailed review of policy responses and recommended actions to mitigate the current crisis and to help prevent similar crises from occurring in the future.
Download or read book The U S Foreclosure Crisis written by John Tatom and published by . This book was released on 2008 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. mortgage loan foreclosure crisis has been called quot;the worst financial crisis since the great depression.quot; There are two distinct channels of influence of the subprime problem. The first is the rise in foreclosures that affects homeowners and the real estate industry most directly. The second channel is financial, flowing from the effects on lenders' financial viability and on financial markets. The timing of developments in these two channels will determine how fast markets work through these problems and restore stability and growth to the nation's housing and financial markets. The problem is rooted in the housing market, and this market is likely to be very slow to adjust. It takes time for good mortgages to go bad and to then move through to the end of the foreclosure process. While financial markets work much more quickly, they will be held hostage to the unfolding effects of the foreclosures in the housing markets and among lenders. Mortgage loan related losses will continue along with foreclosures over the next year or so and these losses will plague firms even if they have already taken adequate write-downs on their asset values. Complicating the picture is the response of the Federal Reserve, which has reacted chaotically by creating new lending programs that have transformed its credit supply from government securities to private financial institutions, and in the process, violated the first rule of central banking to lend liberally in a liquidity crisis. This failure, compounded by providing a backstop to questionable securities, has slowed market adjustment and risks lengthening and deepening the financial crisis. This paper reviews the emergence of the foreclosure crisis and its real impacts in the economy, the financial market effects of the surge in mortgage foreclosures, the monetary policy response to the problem, and provides an assessment of the outlook for the crisis.
Download or read book Foreclosed Justice written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-12-23 with total page 606 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreclosed justice : causes and effects of the foreclosure crisis (part I & II) : hearing before the Committee on the Judiciary, House of Representatives, One Hundred Eleventh Congress, second session, December 2, 2010 and December 15, 2010.
Download or read book The Worsening Foreclosure Crisis written by United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Administrative Oversight and the Courts and published by . This book was released on 2010 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Skullduggery written by Ted Krager and published by Author House. This book was released on 2012-06-21 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today, in 2012, the country is again just as torn as it has was in the 1970s due once again to Middle East wars, the Great Recession of 2007 - 2012, President Obama's constant and incendiary rhetoric, incessant politicking over race, ObamaCare, divisive dialogue of the haves and have-nots, his infamous campaign gaffe to Joe the Plumber, "spread the wealth around", the "99% vs the Top 1%" (class warfare), "millionaires and billionaires" and his war with big business. So much for "Hope and Change", "Change We Can Believe In" and my favorite "the first post-racial president." To the contrary, the United States of America is as unsettled, divided and angry as I have seen it since the 1960's and the early 1970's. The big questions are easy ones: "Why?" and "What caused this return to the anger and the hostilities of the 60's and 70's?" Since I am part of the baby boom generation and was very much a participant in both the professions of Wall Street and mortgage banking, I am in a unique position to tell you about what I saw and heard up close and personal in the 1960's - 1970's AND about the decade that led up to what culminated in the Great Recession of 2007-2012 that we are still clawing our way out of. Here are a few things that might surprise you, further discussed in this book: 1. The overwhelming majority of "Greedy Wall Streeters" and "Fat Cat Bankers" are massive and consistent donors to liberal Democrats, even in 2012 in the face of Obama's persistent (and false) accusations of casting them as the "fat cat bankers" and "greedy Wall Streeters" as causing the recession! 2. The senior most executives in these companies pilloried by President Obama, gave upwards of 60% of total donations, over $20M, to Obama's 2008 presidential campaign and his Political Action Committees into 2009. 3. The earliest beginnings of the current Financial Crisis started back in the late 1970's. 4. Some of the names that were catalysts of the Financial Crisis are very well known activists, anarchists, life-long socialists, present and former D.C. politicians and three very well known U.S. presidents. 5. And, just in case you have not done your research or taken the time to trace the trail of bread crumbs back to the source... you need to know the irrefutable reality that: The Subprime Mortgage Crisis = The Financial Crisis of 2007 - 2012 6. From the very beginnings of The Financial Crisis in the fall of 2007, the media referred to this as The Subprime Mortgage Crisis, until they didn't.