Download or read book Subprime Mortgage Crisis and Economic Impact for the Future written by Deborah A. Sturges and published by . This book was released on 2009 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Shock written by Mark Zandi and published by FT Press. This book was released on 2008-07-09 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: “The obvious place to start is the financial crisis and the clearest guide to it that I’ve read is Financial Shock by Mark Zandi. ... it is an impressively lucid guide to the big issues.” – The New York Times “In Financial Shock, Mr. Zandi provides a concise and lucid account of the economic, political and regulatory forces behind this binge.” – The Wall Street Journal “Aggressive builders, greedy lenders, optimistic home buyers: Zandi succinctly dissects the mortgage mess from start to (one hopes) finish.” – U.S. News and World Report “A more detailed look at the crisis comes from economist Mark Zandi, co-founder of Moody's Economy.com. His “Financial Shock” delves deeply into the history of the mortgage market, the bad loans, the globalization of trashy subprime paper and how homebuilders ran amok. Zandi's analysis is eye-opening. ... he paints an impressive, more nuanced picture.” – Kiplinger's Personal Finance Magazine “If you wonder how it could be possible for a subprime mortgage loan to bring the global financial system and the U.S. economy to its knees, you should read this book. No one is better qualified to provide this insight and advice than Mark Zandi.” –Larry Kudlow, Host, CNBC’s Kudlow & Company “Every once in a while a book comes along that’s so important, it commands recognition. This is one of them. Zandi provides a rilliant blow-by-blow account of how greed, stupidity, and recklessness brought the first major economic crises of the 21st entury and the most serious since the Great Depression.” –Bernard Baumohl,Managing Director, The Economic Outlook Group and best-selling author, The Secrets of Economic Indicators “Throughout the financial crisis Mark Zandi has played two important roles. He has insightfully analyzed its causes and thoughtfully recommended steps to alleviate it. This book continues those tasks and adds a third–providing a comprehensive and comprehensible explanation of the issues that is accessible to the general public and extremely useful to those who specialize in the area.” –Barney Frank, Chairman, House Financial Services Committee The subprime crisis created a gigantic financial catastrophe. What happened? How did it happen? How can we prevent similar crises from happening again? Mark Zandi answers all these critical questions–systematically, carefully, and in plain English. Zandi begins with a fast-paced overview and then illuminates the deepest causes, from the psychology of homeownership to Alan Greenspan’s missteps. You’ll see the home “flippers” at work and the real estate agents who cheered them on. You’ll learn how Internet technology and access to global capital transformed the mortgage industry, helping irresponsible lenders drive out good ones. Zandi demystifies the complex financial engineering that enabled lenders to hide deepening risks, shows how global investors eagerly bought in, and explains how flummoxed regulators failed to prevent disaster, despite crucial warning signs. Most important, Zandi offers indispensable advice for investors who must recognize emerging bubbles, policymakers who must improve oversight, and citizens who must survive whatever comes next. Liar’s loans, flippers, predatory lenders, delusional homebuilders How the housing market came unhinged, and the whirlwind came together Alan Greenspan’s trillion-dollar bet Betting on the boom, ignoring the bubble The subprime market goes global Worldwide investors get a piece of the action–and reap the results Wall Street’s alchemists: conjuring up Frankenstein New financial instruments and their hidden contents Back to the future: risk management for the 21st century Respecting the “animal spirits” that drive even the most sophisticated markets
Download or read book The Subprime Solution written by Robert J. Shiller and published by Princeton University Press. This book was released on 2012-09-24 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: A best-selling economist reveals the origins of the subprime mortgage crisis and puts forward bold measures to resolve it by restructuring the institutional foundations of the financial system in a thoughtful study by the author of Irrational Exuberance. First serial, The Atlantic.
Download or read book Subprime Crisis The Lessons For Business Students written by Jaime Perez Luque and published by World Scientific. This book was released on 2017-02-16 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first major global economic contraction of the 21st century, or the 'Great Recession', as it is more commonly known, began in December of 2007, and would prove to be one of the most catastrophic economic events in postmodern history. The bursting of the American housing bubble and the subprime mortgage crisis that followed are widely attributed as being the primary causes for this economic downturn.The content of this book presents an in-depth analysis of several of the leading causes of the subprime crisis, as well as the subsequent measures that were used to contain a widespread economic recession. It is the aim of this book to provide adequate information and tools for readers to gain insight on how we can prevent the same mistakes from happening again. This analysis also explores an interesting question when considering public policy; was the economic disaster, that ensued, caused by overzealous consumers who borrowed more than they could afford, or was it caused by institutional entities that gambled away the American economy?
Download or read book Impact of the Subprime Mortgage Crisis on the American Economy written by Abhijeet Bhattacharya and published by CreateSpace. This book was released on 2015-03-12 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent market failures offer the opportunity to explore regulations controlling bond ratings, the use of derivatives, and the trading of credit default swaps linked to the housing market. Despite research into the associated unethical actions involving credit rating agencies and role of the Federal Reserve Bank, researchers are still grappling with such market failures. The main research objective in this qualitative descriptive study was to analyze the roles involved with the subprime mortgage crisis in the United States. The study utilized a case study approach and found that complex derivatives, such as collateralized debt obligations and credit default swaps, played central roles during the financial meltdown. Further, the study provided useful information to policymakers, governments, economists, and financial institutions as to formulate financial reforms serving to prevent another economic catastrophe. Factors such as excessive deregulation in the derivatives industry, unethical actions of the bond rating agencies, and the actions of the Federal Reserve Bank have not been previously explored as to understand their roles within the recent meltdown in the US economy. This study addressed such a gap in the literature and provided information to future researchers wishing to study strategies for financial regulation.
Download or read book The Budgetary Impact and Subsidy Costs of the Federal Reserve s Actions During the Financial Crisis written by and published by . This book was released on 2010 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: And introduction -- Actions by the Federal Reserve to address the financial crisis -- The projected impact of the Federal Reserve's actions on the Federal Budget -- Estimates of fair-value subsidies from the Federal Reserve's actions -- Appendix A : Programs created by the Federal Reserve during the financial crisis -- Appendix B : CBO's fair-value methods.
Download or read book Evolution of an Economic Crisis written by United States. Congress. Joint Economic Committee and published by . This book was released on 2008 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The National Homeownership Strategy written by United States. Department of Housing and Urban Development and published by . This book was released on 1995 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Global Financial Crisis written by George K. Zestos and published by Routledge. This book was released on 2015-10-05 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although banking and sovereign debt crises are not unusual, the crisis that has unfolded across the world since 2007 has been unique in both its scale and scope. It has also been unusual in being both triggered by, and mainly affecting, developed economies. Starting with the US subprime mortgage crisis, and the recession in 2007-2009, the problem soon erupted into financial crisis in Europe. A few of these countries came to the brink of bankruptcy, and were rescued by the EU and the IMF on the condition they adopt austerity measures. The detrimental social effects of the crisis in both the US and Europe are still emerging. Although there have been several studies published on the US crisis in particular, there has so far been an absence of an accessible comparative overview of both crises. This insightful text aims to fill this gap, offering a critical overview of causes, policy responses, effects and future implications. Starting with the historical context and mutation of the crisis, the book explores the policies, regulations, and governance reforms that have been implemented to cope with the US subprime mortgage crisis. A parallel analysis considers the causes of the European sovereign debt crisis and the responses of the European Union (EU), examining why the EU is as yet unable to resolve the crisis. This book is supported with eResources that include essay questions and class discussion questions in order to assist students in their understanding. This uniquely comprehensive and readable overview will be of interest and relevance to those studying financial crises, financial governance, international economics and international political economy.
Download or read book Anatomy of a Meltdown written by Michael P. Malloy and published by Aspen Publishing. This book was released on 2014-12-09 with total page 445 pages. Available in PDF, EPUB and Kindle. Book excerpt: Anatomy of a Meltdown: A Dual Financial Biography of the Subprime Mortgage Crisis, traces the course of two financial icons, Lehman Brothers and WaMu—one operating in the investment sector, the other in the consumer financial services sector—on their path to financial ruin. Illuminating the nature and severity of the subprime mortgage crisis, author Michael P. Malloy presents a clear and cogent analysis of the global economic meltdown, the steps necessary to restore the financial markets, and measures that must be taken to avoid similar crises in the future. This clear and concise text by one of the foremost authorities on bank regulation features: comprehensive coverage of all of the fundamental law, policy, and practical issues raised by the crisis and the government's response to it the core of key cases preserved in timely and salient excerpts a balanced policy perspective step-by-step, highly readable analysis of the practical and policy implications of the subprime mortgage crisis the author's cutting-edge web log that offers continuously updated supplemental material generous use of examples throughout the text effective use of visual aids to illustrate concepts and spark class discussion Anatomy of a Meltdown: A Dual Financial Biography of the Subprime Mortgage Crisis, by Michael P. Malloy tells the story of the financial meltdown that swept through American and international markets, threatening to plunge the United States into depression as Wall Street and the global economy faced near-total collapse.
Download or read book Subprime Mortgage Fraud and the U S Economic Crisis written by Tomson Hoang Nguyen and published by . This book was released on 2009 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists, industry practitioners, and government officials have failed to observe the significance of mortgage fraud as an inherent problem related to the subprime mortgage crisis. Relying on intensive interviews with 23 subjects, previously and currently employed in the subprime lending industry, government reports, media accounts, and a variety of secondary sources, this study traces the exponential growth of mortgage fraud to loose underwriting standards, alternative loan products, and inadequate regulation and regulatory oversight of the subprime mortgage industry. The research findings detail and describe various types of financial crimes that constitute a modern form of mortgage fraud; unlike their traditional counterpart, contemporary mortgage fraud contain elements of both fraud for profit and fraud for property. Various types and patterns of mortgage fraud - "data manipulation," "data fabrication," and "concerted ignorance"--Completely altered the function of the subprime industry. Toward this end, the industry operated not only to provide bad loans to bad credit borrowers but also to provide bad loans to bad credit borrowers who fully lacked the ability to repay the loans. The social and economic implications of fraud are also explored in light of the findings. From a policy perspective, future fraud prevention and intervention strategies should incorporate a multi-faceted approach that includes strict underwriting standards, regulatory oversight, accountability, and mandatory continuous education for loan practitioners.
Download or read book Housing and the Financial Crisis written by Edward L. Glaeser and published by University of Chicago Press. This book was released on 2013-08-19 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional wisdom held that housing prices couldn’t fall. But the spectacular boom and bust of the housing market during the first decade of the twenty-first century and millions of foreclosed homeowners have made it clear that housing is no different from any other asset in its ability to climb and crash. Housing and the Financial Crisis looks at what happened to prices and construction both during and after the housing boom in different parts of the American housing market, accounting for why certain areas experienced less volatility than others. It then examines the causes of the boom and bust, including the availability of credit, the perceived risk reduction due to the securitization of mortgages, and the increase in lending from foreign sources. Finally, it examines a range of policies that might address some of the sources of recent instability.
Download or read book Lessons from the Financial Crisis written by Rob Quail and published by John Wiley & Sons. This book was released on 2010-06-08 with total page 708 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world's best financial minds help us understand today's financial crisis With so much information saturating the market for the everyday investor, trying to understand why the economic crisis happened and what needs to be done to fix it can be daunting. There is a real need, and demand, from both investors and the financial community to obtain answers as to what really happened and why. Lessons from the Financial Crisis brings together the leading minds in the worlds of finance and academia to dissect the crisis. Divided into three comprehensive sections-The Subprime Crisis; The Global Financial Crisis; and Law, Regulation, the Financial Crisis, and The Future-this book puts the events that have transpired in perspective, and offers valuable insights into what we must do to avoid future missteps. Each section is comprised of chapters written by experienced contributors, each with his or her own point of view, research, and conclusions Examines the market collapse in detail and explores safeguards to stop future crises Encompasses the most up-to-date analysis from today's leading financial minds We currently face a serious economic crisis, but in understanding it, we can overcome the challenges it presents. This well-rounded resource offers the best chance to get through the current situation and learn from our mistakes.
Download or read book The Subprime Mortgage and its Effects written by Jeremiah Cristobal and published by GRIN Verlag. This book was released on 2021-08-30 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2017 in the subject Economics - Finance, grade: A, , language: English, abstract: In late 2008, the U.S. suffered one of its greatest disasters in quite some time, the subprime mortgage crisis. It affected not only the housing market but the whole financial system as a whole. Cheap methods and greed are very possible motivators, leaving lenders, investment banks, and investors bankrupt. The whole system was going to fail from the beginning and could have been stopped or altered to have less damage, and yet only a few were able to see it’s great flaws. This caused thousands, and possibly millions of Americans to go homeless and unemployed. It gave more debt to the U.S. government worsening its ties with different countries. Since America has millions of international businesses and pledges, other countries were affected by its financial collapse. The actions and responses of the government, banks, and citizen themselves helped America to get up on both feet. This paper will explore the subprime mortgage to better understand the reason of its effect and collapse, to help others understand what it is and what can be done about it. Even if it had been almost a decade since the collapse, the subprime mortgages’ effects still affect us to this day. It’s also very likely that another similar event can strike anytime soon, this paper will help those keep a look out for tragedies and systems that he/she could avoid and potentially survive.
Download or read book Credit Crises written by Jochen Felsenheimer and published by John Wiley & Sons. This book was released on 2008-06-16 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on the recent subprime crisis, the authors analyze the mechanisms of a financial market crisis. In order to highlight the basic transmission mechanisms and drivers of a financial market crisis they discuss the relevant players & strategies, explain the principles of the financial instruments that were involved in the crisis and analyze how bubbles emerge, how they burst and what the economic impact might be. The authors address the following key questions: * Why do financial markets run into crises over and over again? * Where do risks for financial crises come from? * Who are the players in the game? * Which instruments and strategies can drive a crisis? * What are the transmission mechanisms onto other markets and the real economy? * When is it all finally over? * How to best weather the storm? Hence, in the prologue the authors highlight the basic framework for a financial crisis based on the subprime crisis. Here, they will also introduce the important topics and drivers of the crisis, i.e. the relevant players (banks, investment banks, hedge funds, real money investors, regulators and rating agencies), the involved instruments (ABS/RMBS, CDOs, SIV, leveraged loans, Leveraged Super Senior tranches, etc.), the strategies which caused the crisis or were affected by the meltdown (leveraged exposure to highly correlated risks), and risks that were underestimated (investors ignored the market risk that was involved with the leveraged bets). In the subsequent chapter -- which is split into three parts -- they will explain these important topics in more detail and highlight the infection and transmission mechanisms. As an example, they introduce the business and investment concepts of investment banks and hedge funds and how they were involved in the crisis. Moreover, they explain how structured credit products (such as ABS, CDOs and SIVs) work and how they were used in order to implement leveraged bets in the markets. Finally, they highlight how a financial crisis evolves and why certain financial institutions failed. In the epilogue, they conclude how markets manage a crisis and why the crisis may also be healthy for the stability of financial markets.
Download or read book The impact of the subprime crisis on european banks written by Jan-Frederik Modell and published by GRIN Verlag. This book was released on 2008-05-13 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2008 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,2, European Business School - International University Schloß Reichartshausen Oestrich-Winkel, language: English, abstract: The US subprime-crisis became a headline in the global media starting in February 2007 after the US housing market had already shown first signs of a slowdown in late 2006 (DiMartino & Duca, 2007, p. 1). Previously, the US housing market had enjoyed a favorable environment, especially from 2002 to 2005, which was characterized by low interest rates, rising house values, and increasing home financing possibilities through subprime mortgages (Krinsman, 2007, pp. 13-14). However, more and more events were published during the year by US mortgage brokers, international investment banks, and central banks around the world that presented a picture which caused today’s perception of the subprime-crisis. What’s more, the subprime-crisis is far from being over: an end to the crisis is not yet in sight. One rather unique characteristic of this crisis is that its actual basis is the delinquencies and defaults of subprime single-family home mortgages in the US (Kiff & Mills, 2007, p. 3) which is commonly not regarded to be of great relevance for the international capital markets. However, taking into account the originate and distribute business model of US mortgage brokers in connection with the securitization of these mortgages into various types of securities that are traded on a global basis, it is not surprising to observe that banks and investment funds around the world were invested into these securities. Before the crisis started, only a few banks or funds considered the liquidity of these securities when investing significant amounts of money in them because they focused on maximizing their returns. But, when larger problems in the US subprime mortgage market became evident, liquidity became the major concern for investors and investor preferences significantly shifted to safer assets such as government bonds (Fender & Hördahl, 2007, pp. 9-11). This caused severe problems in the money market, which ultimately brought the crisis across the Atlantic to Europe. Moreover, funding problems emerged and caused the first bank run in Europe in decades when depositors in Britain started to queue outside Northern Rock branches for hours to withdraw their deposits in light of fears that the bank might have to file for bankruptcy (The Economist, 2007a, para. 28).
Download or read book The Impact of the Subprime Mortgage Crisis written by and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Impact of the Subprime Mortgage Crisis is an authoritative, insiders perspective on key strategies for representing and advising financially distressed clients affected by the recent crisis. Featuring partners from some of the nations leading law firms, these experts guide the reader through the evolution of prior market bubbles and recoveries, and offer insight as to how this crisis compares to previous economic downturns. These top lawyers reveal their thoughts on how we arrived at this recession, how the subprime mortgage crisis has changed bankruptcy practice, the importance of understanding your clients source of funding, and how to interpret emerging responses and solutions to the crisis. From discussing pending and decided cases impacted by the subprime mortgage crisis to identifying rule changes, these authors offer tips on navigating the current bankruptcy law environment, including what information and organizational resources can be helpful along the way. The different niches represented and the breadth of perspectives presented enable readers to get inside some of the great legal minds of today, as these experienced lawyers offer up their thoughts around the keys to practicing bankruptcy law in todays economic environment.
