Download or read book Did Affordable Housing Legislation Contribute to the Subprime Securities Boom written by Rubén Hernández-Murillo 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 The Housing Boom and Bust written by Thomas Sowell and published by Basic Books. This book was released on 2010-02-23 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a plain-English explanation of how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and the even more "creative" marketing of financial securities based on American mortgages to countries around the world, are part of the story of how a financial house of cards was built up -- and then suddenly collapsed. The politics behind all this is another story full of strange twists. No punches are pulled when discussing politicians of either party, the financial dangers they created, or the distractions they created later to escape their own responsibility for what happened when the financial house of cards in the financial markets collapsed. What to do, now that we are in the midst of an economic disaster, is yet another story -- one whose ending we do not yet know, but one whose outlines and implications are explored to reveal some surprising and sobering lessons.
Download or read book The Great American Housing Bubble written by Adam J. Levitin and published by Harvard University Press. This book was released on 2020-06-09 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: The definitive account of the housing bubble that caused the Great Recession—and earned Wall Street fantastic profits. The American housing bubble of the 2000s caused the worst global financial crisis since the Great Depression. In this definitive account, Adam Levitin and Susan Wachter pinpoint its source: the shift in mortgage financing from securitization by Fannie Mae and Freddie Mac to “private-label securitization” by Wall Street banks. This change set off a race to the bottom in mortgage underwriting standards, as banks competed in laxity to gain market share. The Great American Housing Bubble tells the story of the transformation of mortgage lending from a dysfunctional, local affair, featuring short-term, interest-only “bullet” loans, to a robust, national market based around the thirty-year fixed-rate mortgage, a uniquely American innovation that served as the foundation for the middle class. Levitin and Wachter show how Fannie and Freddie’s market power kept risk in check until 2003, when mortgage financing shifted sharply to private-label securitization, as lenders looked for a way to sustain lending volume following an unprecedented refinancing wave. Private-label securitization brought a return of bullet loans, which had lower initial payments—enabling borrowers to borrow more—but much greater back-loaded risks. These loans produced a vast oversupply of underpriced mortgage finance that drove up home prices unsustainably. When the bubble burst, it set off a destructive downward spiral of home prices and foreclosures. Levitin and Wachter propose a rebuild of the housing finance system that ensures the widespread availability of the thirty-year fixed-rate mortgage, while preventing underwriting competition and shifting risk away from the public to private investors.
Download or read book The Housing Boom and Bust written by Thomas Sowell and published by ReadHowYouWant.com. This book was released on 2011-01-22 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: Scary headlines and scarier statistics tell the story of a financial crisis on a scale not seen in decades - certainly not within the lifetime of most Americans. Moreover, this is a worldwide financial crisis. Financial institutions on both sides of the Atlantic have either collapsed or have been saved from collapse by government bailouts, as a result of buying securities based on American housing values that eroded or evaporated.Now completely revised in paperback, The Housing Boom and Bust is designed to unravel the tangled threads of that story. It also attempts to determine whether what is being done to deal with the problem is more likely to make things better or worse.
Download or read book Homeownership Built to Last written by Eric S. Belsky and published by Brookings Institution Press. This book was released on 2014-06-27 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and Harvard University Joint Center for Housing Studies publication The ups and downs in housing markets over the past two decades are without precedent, and the costs—financial, psychological, and social—have been enormous. Yet Americans overwhelmingly still aspire to homeownership, and many still view access to homeownership as an important ingredient for building wealth among historically disadvantaged groups. This timely volume reexamines the goals, risks, and rewards of homeownership in the wake of the housing bubble and subprime lending crisis. Housing, real estate, and finance experts explore the role of government in supporting homeownership, deliberate how homeownership can be made more sustainable, and discuss how best to balance affordability, access, and risk, particularly for minorities and low income families. Contributors: Eric S. Belsky (JCHS); Raphael W. Bostic (University of Southern California); Mark Calabria (Cato Institute); Kaloma Cardwell (University of California, Berkeley); Mark Cole (Hope LoanPort); J. Michael Collins (University of Wisconsin– Madison); Marsha J. Courchane (Charles River Associates); Andrew Davidson (Andrew Davidson and Co.); Christopher E. Herbert (JCHS); Leonard C. Kiefer (Freddie Mac); Alex Levin (Andrew Davidson and Co.); Adam J. Levitin (Georgetown University Law Center); Mark R. Lindblad (University of North Carolina at Chapel Hill); Jeffrey Lubell (Abt Associates); Patricia A. McCoy (University of Connecticut School of Law); Daniel T. McCue (JCHS); Jennifer H. Molinsky (JCHS); Stephanie Moulton (Ohio State University); john a. powell (University of California–Berkeley); Roberto G. Quercia (University of North Carolina at Chapel Hill); Janneke H. Ratcliffe (University of North Carolina); Carolina Reid (University of California–Berkeley); William M. Rohe (University of North Carolina at Chapel Hill); Rocio Sanchez-Moyano (JCHS); Susan Wachter (University of Pennsylvania); Peter M. Zorn (Freddie Mac)
Download or read book A Fighting Chance written by Elizabeth Warren and published by Macmillan. This book was released on 2014-04-22 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: Elizabeth Warren tells the story of the two-decade journey that taught her how Washington really works and really doesn't.
Download or read book Property Law written by Joseph William Singer and published by Aspen Publishing. This book was released on 2017-03-10 with total page 1887 pages. Available in PDF, EPUB and Kindle. Book excerpt: Buy a new version of this textbook and receive access to the Connected eBook with Study Center on CasebookConnect, including: lifetime access to the online ebook with highlight, annotation, and search capabilities; practice questions from your favorite study aids; an outline tool and other helpful resources. Connected eBooks provide what you need most to be successful in your law school classes. Learn more about Connected eBooks This hugely successful cases-and-problems book is acclaimed for its textual clarity, evenhanded perspective, and contemporary, up-to-date character. Easily distinguished from other property casebooks for its clear descriptions of legal doctrine and its variations; its explanations of the social ramifications of property law; its emphasis on both statutory and regulatory interpretation; its comprehensive treatment of public accommodations and fair housing law, current tribal property issues, and property in human bodies; and its use of the problem method to teach legal reasoning andlawyeringskills. Thoroughly updated to reflect significant changes in the law of property, the Seventh Edition incorporates multiple new Supreme Court cases, including:Texas Department of Housing & Community Affairs v. Inclusive Communities Project, Inc.,Obergefellv. Hodges, andReed v. Town of Gilbert, and 3 decided or pending cases with implications for regulatory takings,Horne v.Dep’tof Agriculture,Marvin M. Brandt Revocable Trust v. United States, andMurrv. State. Key Features: Updated to reflect significant changes in the law of property to help professors keep current and be aware of emerging disputes. These include multiple new Supreme Court cases: Texas Department of Housing & Community Affairs v. Inclusive Communities Project, Inc., 135 S. Ct. 2507 (2015), upholding disparate impact claims under the Fair Housing Act; Obergefellv. Hodges, 123 S. Ct. 2584 (2015), finding a constitutional right to same-sex marriage; Reed v. Town of Gilbert,135 S. Ct. 2218 (2015), broadly applying the First Amendment’s free speech clause to sign regulations; and three decided or pending cases with implications for regulatory takings,Horne v.Dep’tof Agriculture, 135 S. Ct. 2419 (2015),Marvin M. Brandt Revocable Trust v. United States, 134 S. Ct. 1257 (2014), andMurrv. State, 359Wis.2d675 (Wis. Ct. App. 2014), cert. granted sub nom.Murrv. Wisconsin, 136 S.Ct. 890 (2016). New materials and problems have been included in several areas: Collisions between the sharing economy and servitude, zoning, and landlord-tenant law; Questions of the inheritance rights of children born through assisted reproductive technology; Continuing litigation over the Rails-to-Trails Act conversion of abandoned railroad tracks into recreational trails Invalidation of the copyright on the Happy Birthday song; Commonwealth v.Magadini, 52 N.E.3d 1041 (Mass. 2016), upholding a necessity defense to a trespass charge against a homeless man; and The Revised Uniform Residential Landlord and Tenant Act, adopted in 2015.
Download or read book The Assets Perspective written by R. Cramer and published by Springer. This book was released on 2014-03-06 with total page 621 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economy's struggles to overcome the lingering effects of the Great Recession presented unique but essential questions.The book considers a full range of data which considers how this recent experience has impacted households, providing a thorough and contemporary treatment of how the assets perspective has prompted changes within social policy.
Download or read book Research Handbook of Financial Markets written by Refet S. Gürkaynak and published by Edward Elgar Publishing. This book was released on 2023-05-09 with total page 533 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Research Handbook of Financial Markets carefully discusses the histories and current states of the most important financial markets and institutions, as well as explicitly underscoring open questions that need study. By describing the institutional structure of different markets and highlighting recent changes within them, it accurately highlights their evolving nature.
Download or read book Introduction to Mortgages and Mortgage Backed Securities written by Richard K. Green and published by Academic Press. This book was released on 2013-11-21 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Introduction to Mortgages & Mortgage Backed Securities, author Richard Green combines current practices in real estate capital markets with financial theory so readers can make intelligent business decisions. After a behavioral economics chapter on the nature of real estate decisions, he explores mortgage products, processes, derivatives, and international practices. By focusing on debt, his book presents a different view of the mortgage market than is commonly available, and his primer on fixed-income tools and concepts ensures that readers understand the rich content he covers. Including commercial and residential real estate, this book explains how the markets work, why they collapsed in 2008, and what countries are doing to protect themselves from future bubbles. Green's expertise illuminates both the fundamentals of mortgage analysis and the international paradigms of products, models, and regulatory environments. Written for buyers of real estate, not mortgage lenders Balances theory with increasingly complex practices of commercial and residential mortgage lending Emphasizes international practices, changes caused by the 2008-11 financial crisis, and the behavioral aspects of mortgage decision making
Download or read book Preventing the Next Mortgage Crisis written by Dan Immergluck and published by Rowman & Littlefield. This book was released on 2015-08-20 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: The great U.S. mortgage crisis was a transformative event that will reverberate for decades across families, neighborhoods, and cities. After years of research on various aspects of the crisis, Dan Immergluck examines what went wrong, identifying the factors that created the fragile housing finance system, which provided fertile ground for calamity. He also examines the federal response to the crisis, including who benefitted most from the response, and how a more effective and fair response could have been formulated. To reduce the incidence of future crises, Immergluck provides a pathway for building a more stable and fair housing finance system that would be less vulnerable to the booms and busts of global finance. Housing finance helps determine access to stable, decent-quality, affordable housing and also affects the geography of housing and educational opportunities. Thus, housing markets shape our communities, our neighborhoods, and our social and economic opportunities. Immergluck’s analysis and formulation of a way forward will be of particular interest to those concerned with urban form, neighborhood change and stability, and urban planning and policy, as well as those interested in housing and mortgage markets more generally.
Download or read book Wake up America written by Edward E. Mills and published by LifeRich Publishing. This book was released on 2021-10-13 with total page 767 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book will severely challenge every element of the consensus explanation for the Great Recession. In fact, a book like this, although not necessarily this one, is urgently needed to counter the massive disinformation spread by the Majority Report of the Financial Crisis Inquiry Commission that Congress created in 2009 to investigate the financial crisis of 2007-2009 that led to the Great Recession. Congress handed the Commission a list of 19 directives, including the directive to examine “the global imbalance of savings, international capital flows, and fiscal imbalances of various governments; [and] monetary policy and the availability and terms of credit.” The Commission chairman clearly steered the Commission toward the goal of shifting the blame for the financial crisis from government onto the backs of the private mortgage finance industry consisting not only of banks but including mortgage bankers, insurance companies and the mortgage giants popularly known as Fannie Mae and Freddie Mac. The Commission chairman specifically refused to consider any evidence linking the financial crisis and consequential Great Recession that struck the United States but impacted the global economy as well! This book has no agenda other than to present a complete, factual history of the events, conditions and policies that led to the Great Recession. The history will demonstrate that the seeds of the financial crisis were sown during the administration of George Washington and the economic theories spawned during the Great Depression. The overarching thesis is that the Global Financial Crisis and the resulting Global Recession was a perfect superstorm composed of the merger of separate storm systems; notably aggressive welfare activism, the Nation’s “affordable housing” crusade, the zigs and zags of the Federal Reserve’s monetary policies, and the $.9 trillion trade deficit the U.S. accumulated between 1997 and 2007 which former Federal Reserve Chairman Ben Bernanke dubbed the “Global Savings Glut” and others labeled the “Global Dollar Glut!”
Download or read book Makers and Takers written by Rana Foroohar and published by Currency. This book was released on 2016-05-17 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is Wall Street bad for Main Street America? "A well-told exploration of why our current economy is leaving too many behind." —The New York Times In looking at the forces that shaped the 2016 presidential election, one thing is clear: much of the population believes that our economic system is rigged to enrich the privileged elites at the expense of hard-working Americans. This is a belief held equally on both sides of political spectrum, and it seems only to be gaining momentum. A key reason, says Financial Times columnist Rana Foroohar, is the fact that Wall Street is no longer supporting Main Street businesses that create the jobs for the middle and working class. She draws on in-depth reporting and interviews at the highest rungs of business and government to show how the “financialization of America”—the phenomenon by which finance and its way of thinking have come to dominate every corner of business—is threatening the American Dream. Now updated with new material explaining how our corrupted financial system propelled Donald Trump to power, Makers and Takers explores the confluence of forces that has led American businesses to favor balance-sheet engineering over the actual kind, greed over growth, and short-term profits over putting people to work. From the cozy relationship between Wall Street and Washington, to a tax code designed to benefit wealthy individuals and corporations, to forty years of bad policy decisions, she shows why so many Americans have lost trust in the system, and why it matters urgently to us all. Through colorful stories of both “Takers,” those stifling job creation while lining their own pockets, and “Makers,” businesses serving the real economy, Foroohar shows how we can reverse these trends for a better path forward.
Download or read book Affordable Housing written by Kenneth T. Rosen and published by . This book was released on 1984 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Foreclosed written by Daniel Immergluck and published by Cornell University Press. This book was released on 2011-02-11 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last two years, the United States has observed, with some horror, the explosion and collapse of entire segments of the housing market, especially those driven by subprime and alternative or "exotic" home mortgage lending. The unfortunately timely Foreclosed explains the rise of high-risk lending and why these newer types of loans—and their associated regulatory infrastructure—failed in substantial ways. Dan Immergluck narrates the boom in subprime and exotic loans, recounting how financial innovations and deregulation facilitated excessive risk-taking, and how these loans have harmed different populations and communities. Immergluck, who has been working, researching, and writing on issues tied to housing finance and neighborhood change for almost twenty years, has an intimate knowledge of the promotion of homeownership and the history of mortgages in the United States. The changes to the mortgage market over the past fifteen years—including the securitization of mortgages and the failure of regulators to maintain control over a much riskier array of mortgage products—led, he finds, inexorably to the current crisis. After describing the development of generally stable and risk-limiting mortgage markets throughout much of the twentieth century, Foreclosed details how federal policy-makers failed to regulate the new high-risk lending markets that arose in the late 1990s and early 2000s. The book also examines federal, state, and local efforts to deal with the mortgage and foreclosure crisis of 2007 and 2008. Immergluck draws upon his wealth of experience to provide an overarching set of principles and a detailed set of policy recommendations for "righting the ship" of U.S. housing finance in ways that will promote affordable yet sustainable homeownership as an option for a broad set of households and communities.
Download or read book Fragile by Design written by Charles W. Calomiris and published by Princeton University Press. This book was released on 2015-08-04 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why stable banking systems are so rare Why are banking systems unstable in so many countries—but not in others? The United States has had twelve systemic banking crises since 1840, while Canada has had none. The banking systems of Mexico and Brazil have not only been crisis prone but have provided miniscule amounts of credit to business enterprises and households. Analyzing the political and banking history of the United Kingdom, the United States, Canada, Mexico, and Brazil through several centuries, Fragile by Design demonstrates that chronic banking crises and scarce credit are not accidents. Calomiris and Haber combine political history and economics to examine how coalitions of politicians, bankers, and other interest groups form, why they endure, and how they generate policies that determine who gets to be a banker, who has access to credit, and who pays for bank bailouts and rescues. Fragile by Design is a revealing exploration of the ways that politics inevitably intrudes into bank regulation.
Download or read book Housing Finance Reform written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2014 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
