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Subprime Lending
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Book Synopsis Subprime Mortgages by : Edward M. Gramlich
Download or read book Subprime Mortgages written by Edward M. Gramlich and published by The Urban Insitute. This book was released on 2007 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade, a new mortgage market offering loans at low interest rates and for little or no money down has given low-income people an opportunity to pursue the American dream of homeownership. The resulting wave in home buying promised to stabilize neighborhoods and families, boost the economy, and reduce crime. In many ways, the optimists were correct, but now, less than fifteen years later, the subprime mortgage market is collapsing, threatening to take the rest of the housing sector along with it.Subprime Mortgages: America's Latest Boom and Bust analyzes how the subprime market emerged, why it is in crisis, and how we can reform public policy to avert disaster. An attendant examination of the rental market also offers recommendations for shoring up what may be the best housing option for some families.
Book Synopsis Subprime Mortgage Lending in New York City by : Ebiere Okah
Download or read book Subprime Mortgage Lending in New York City written by Ebiere Okah and published by DIANE Publishing. This book was released on 2010-08 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Subprime mortgage lending expanded in New York City between 2004 and mid-2007, and delinquencies on these subprime loans have been rising sharply. The authors describe the main features of this lending and model the performance of these loans. These subprime loans are found to be clustered in neighborhoods where average borrower credit quality is low and, unlike prime mortgage loans, where African-Americans and Hispanics constitute relatively large shares of the population. The authors estimate a model of the likelihood that these loans will become seriously delinquent and find a significant role for credit quality of borrowers, debt-to-income and loan-to-value ratios at the time of loan origination, and estimates of the loss of home equity. Illus.
Book Synopsis Understanding the Securitization of Subprime Mortgage Credit by : Adam B. Ashcraft
Download or read book Understanding the Securitization of Subprime Mortgage Credit written by Adam B. Ashcraft and published by DIANE Publishing. This book was released on 2010-03 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an overview of the subprime mortgage securitization process and the seven key informational frictions that arise. Discusses the ways that market participants work to minimize these frictions and speculate on how this process broke down. Continues with a complete picture of the subprime borrower and the subprime loan, discussing both predatory borrowing and predatory lending. Presents the key structural features of a typical subprime securitization, documents how rating agencies assign credit ratings to mortgage-backed securities, and outlines how these agencies monitor the performance of mortgage pools over time. The authors draw upon the example of a mortgage pool securitized by New Century Financial during 2006. Illustrations.
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
Book Synopsis Confessions of a Subprime Lender by : Richard Bitner
Download or read book Confessions of a Subprime Lender written by Richard Bitner and published by John Wiley & Sons. This book was released on 2008-06-16 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: Former subprime lender Richard Bitner once worked in an industry that started out helping disadvantaged customers but collapsed due to greed, lack of financial control and willful ignorance. In Confessions of a Subprime Lender: An Insider's Tale of Greed, Fraud, and Ignorance, he reveals the truth about how the subprime lending business spiraled out of control, pushed home prices to unsustainable levels, and turned unqualified applicants into qualified borrowers through creative financing. Learn about the ways the mortgage industry can be fixed with his twenty suggestions for critical change.
Book Synopsis Subprime Consumer Lending by : Frank J. Fabozzi, CFA
Download or read book Subprime Consumer Lending written by Frank J. Fabozzi, CFA and published by John Wiley & Sons. This book was released on 1999-11-15 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: The subprime lending market is growing rapidly due to the use of securitization and the attempts of lending institutions to boost their client pool. This book gives readers a working, up-to-date knowledge of subprime consumer lending. It provides a guide to the concept of credit risk as it relates to lending practices, risk-based and risk-adjusted pricing, credit scoring, collection methodology, credit card services, auto loans, several aspects of securitization of subprime assets, and recent developments in the United Kingdom.
Book Synopsis Subprime Mortgages, Foreclosures, and Urban Neighborhoods by : Kristopher S. Gerardi
Download or read book Subprime Mortgages, Foreclosures, and Urban Neighborhoods written by Kristopher S. Gerardi and published by DIANE Publishing. This book was released on 2010-06 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzes the impact of the subprime mortgage crisis on urban neighborhoods in Mass. Explores the topic using a data set that matches race and income info. with property-level, transaction data. Much of the subprime lending in the state was concentrated in urban neighborhoods and that minority homeownerships created with subprime mortgages have proved exceptionally unstable in the face of rapid price declines. Subprime lending did not, as commonly believed, lead to a substantial increase in homeownership by minorities but instead generated turnover in properties owned by minority residents. The particularly dire foreclosure situation in urban neighborhoods actually makes it somewhat easier for policymakers to provide remedies. Illus.
Book Synopsis The Subprime Solution by : Robert J. Shiller
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.
Book Synopsis Race, Empire, and the Crisis of the Subprime by : Paula Chakravartty
Download or read book Race, Empire, and the Crisis of the Subprime written by Paula Chakravartty and published by Johns Hopkins University Press. This book was released on 2013-04-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major factor leading to the U.S. financial crisis was predatory lending by large banks to underprivileged and often nonwhite borrowers. Predatory lending of subprime mortgages targeting the most economically vulnerable minority communities helped trigger the current global financial crisis. This special issue of the journal American Quarterly explores the ways in which “subprime” becomes a racial signifier in the current debate about the causes and fixes for a capitalism itself in crisis. It signifies both the accumulated dispossession of racial exclusion in the twenty-first century gilded age in the United States and Global North more broadly, as well as the imperial ambitions of three decades of U.S.–led neoliberal rule over the Global South. Essays are divided into sections: debt, discipline, and empire; the pathologies of debt; and security, space, and resistance in the post-racial urban setting. Focusing on race and empire, that is, on racial and global subjugation, the contributors expose the ethical-political underpinnings of the current global financial crisis. Contributors include: Radhika Balakrishnan Jordan T. Camp Paula Chakravartty Ofelia Ortiz Cuevas Sophie Ellen Fung Daniel J. Hammel James Heintz Bosco Ho Zachary Liebowitz Tayyab Mahmud John D. Márquez Pierson Nettling C. S. Ponder Sarita Echavez See Shawn Shimpach Denise Ferreira da Silva Catherine R. Squires Michael J. Watts Elvin Wyly
Book Synopsis Making Sense of the Subprime Crisis by : Kristopher S. Gerardi
Download or read book Making Sense of the Subprime Crisis written by Kristopher S. Gerardi and published by DIANE Publishing. This book was released on 2011 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a print on demand edition of a hard to find publication. Explores the question of whether market participants could have or should have anticipated the large increase in foreclosures that occurred in 2007 and 2008. Most of these foreclosures stemmed from loans originated in 2005 and 2006, leading many to suspect that lenders originated a large volume of extremely risky loans during this period. While loans originated in this period did carry extra risk factors, underwriting standards alone cannot explain the dramatic rise in foreclosures. Market participants should have understood that a significant fall in prices would cause a large increase in foreclosures. Analysts understood that a fall in prices would have disastrous consequences for the market but assigned a low probability to such an outcome. Charts and tables.
Download or read book Unequal Burden in Chicago written by and published by . This book was released on 2000 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity Publisher : ISBN 13 : Total Pages :408 pages Book Rating :4.0/5 ( download)
Book Synopsis Subprime Lending by : United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity
Download or read book Subprime Lending written by United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity and published by . This book was released on 2004 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Money for Nothing and Checks for Free by : Paul S. Mills
Download or read book Money for Nothing and Checks for Free written by Paul S. Mills and published by International Monetary Fund. This book was released on 2007-07 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: After a number of warning signs, the U.S. "subprime mortgage crisis" became a headline issue in February 2007. Notwithstanding the bankruptcy of numerous mortgage companies, historically high delinquencies and foreclosures, and a significant tightening in subprime lending standards, the impact thus far on core U.S. financial institutions has been limited. This paper reviews the history and structure of the subprime market. The results suggest that new origination and funding technology appear to have made the financial system more stable at the expense of undermining the effectiveness of consumer protection regulation. Potential solutions to the management of this trade-off are then explored.
Book Synopsis Fraud and the Subprime Mortgage Crisis by : Tomson Hoang Nguyen
Download or read book Fraud and the Subprime Mortgage Crisis written by Tomson Hoang Nguyen and published by LFB Scholarly Publishing. This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nguyen examines mortgage fraud as an inherent part of the subprime mortgage crisis. He traces the exponential growth of mortgage fraud to the loose underwriting standards, alternative loan products, and inadequate regulation and regulatory oversight of the subprime mortgage industry. He describes the various financial crimes constituting mortgage origination fraud, a form of fraud involving fraud for profit, fraud for property, and predatory lending. The accounts of mortgage frauds by industry insiders presented in this book provide a chilling view of the criminal implications of an unregulated financial industry. Nguyen proposes several broad recommendations highlighting the need to recognize the potential for insider fraud, enhance government regulation and oversight, tighten loan qualification requirements, and increase standards of underwriting.
Book Synopsis The Subprime Virus by : Kathleen C. Engel
Download or read book The Subprime Virus written by Kathleen C. Engel and published by Oxford University Press. This book was released on 2016 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this lively new book, Kathleen C. Engel and Patricia A. McCoy tell the full story behind the subprime crisis. The authors, experts in the law and economics of financial regulation and consumer lending, offer a sharply reasoned, but accessible account of the actions that produced the greatest economic collapse since the Great Depression.
Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Book Synopsis Subprime Mortgage Credit Derivatives by : Laurie S. Goodman
Download or read book Subprime Mortgage Credit Derivatives written by Laurie S. Goodman and published by John Wiley & Sons. This book was released on 2008-06-02 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mortgage credit derivatives are a risky business, especially of late. Written by an expert author team of UBS practitioners-Laurie Goodman, Shumin Li, Douglas Lucas, and Thomas Zimmerman-along with Frank Fabozzi of Yale University, Subprime Mortgage Credit Derivatives covers state-of-the-art instruments and strategies for managing a portfolio of mortgage credits in today's volatile climate. Divided into four parts, this book addresses a variety of important topics, including mortgage credit (non-agency, first and second lien), mortgage securitizations (alternate structures and subprime triggers), credit default swaps on mortgage securities (ABX, cash synthetic relationships, CDO credit default swaps), and much more. In addition, the authors outline the origins of the subprime crisis, showing how during the 2004-2006 period, as housing became less affordable, origination standards were stretched-and when home price appreciation then turned to home price depreciation, defaults and delinquencies rose across the board. The recent growth in subprime lending, along with a number of other industry factors, has made the demand for timely knowledge and solutions greater than ever before, and this guide contains the information financial professionals need to succeed in this challenging field.
