Subprime Nation

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Subprime Nation

Author : Herman M. Schwartz
Publisher : Cornell University Press
ISBN 13 : 0801459273
Total Pages : 277 pages
Book Rating : 4.8/5 (14 download)

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Book Synopsis Subprime Nation by : Herman M. Schwartz

Download or read book Subprime Nation written by Herman M. Schwartz and published by Cornell University Press. This book was released on 2011-01-15 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: In his exceedingly timely and innovative look at the ramifications of the collapse of the U.S. housing market, Herman M. Schwartz makes the case that worldwide, U.S. growth and power over the last twenty years has depended in large part on domestic housing markets. Mortgage-based securities attracted a cascade of overseas capital into the U.S. economy. High levels of private home ownership, particularly in the United States and the United Kingdom, have helped pull in a disproportionately large share of world capital flows.As events since mid-2008 have made clear, mortgage lenders became ever more eager to extend housing loans, for the more mortgage packages they securitized, the higher their profits. As a result, they were dangerously inventive in creating new mortgage products, notably adjustable-rate and subprime mortgages, to attract new, mainly first-time, buyers into the housing market. However, mortgage-based instruments work only when confidence in the mortgage system is maintained. Regulatory failures in the American S&L sector, the accounting crisis that led to the extinction of Arthur Andersen, and the subprime crisis that destroyed Lehman Brothers and Merrill Lynch and damaged many other big financial institutions have jeopardized a significant engine of economic growth. Schwartz concentrates on the impact of U.S. regulatory failure on the international economy. He argues that the "local" problem of the housing crisis carries substantial and ongoing risks for U.S. economic health, the continuing primacy of the U.S. dollar in international financial circles, and U.S. hegemony in the world system.

Subprime Attention Crisis

Author : Tim Hwang
Publisher : FSG Originals
ISBN 13 : 0374721246
Total Pages : 103 pages
Book Rating : 4.3/5 (747 download)

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Book Synopsis Subprime Attention Crisis by : Tim Hwang

Download or read book Subprime Attention Crisis written by Tim Hwang and published by FSG Originals. This book was released on 2020-10-13 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: From FSGO x Logic: a revealing examination of digital advertising and the internet's precarious foundation In Subprime Attention Crisis, Tim Hwang investigates the way big tech financializes attention. In the process, he shows us how digital advertising—the beating heart of the internet—is at risk of collapsing, and that its potential demise bears an uncanny resemblance to the housing crisis of 2008. From the unreliability of advertising numbers and the unregulated automation of advertising bidding wars, to the simple fact that online ads mostly fail to work, Hwang demonstrates that while consumers’ attention has never been more prized, the true value of that attention itself—much like subprime mortgages—is wildly misrepresented. And if online advertising goes belly-up, the internet—and its free services—will suddenly be accessible only to those who can afford it. Deeply researched, convincing, and alarming, Subprime Attention Crisis will change the way you look at the internet, and its precarious future. FSG Originals × Logic dissects the way technology functions in everyday lives. The titans of Silicon Valley, for all their utopian imaginings, never really had our best interests at heart: recent threats to democracy, truth, privacy, and safety, as a result of tech’s reckless pursuit of progress, have shown as much. We present an alternate story, one that delights in capturing technology in all its contradictions and innovation, across borders and socioeconomic divisions, from history through the future, beyond platitudes and PR hype, and past doom and gloom. Our collaboration features four brief but provocative forays into the tech industry’s many worlds, and aspires to incite fresh conversations about technology focused on nuanced and accessible explorations of the emerging tools that reorganize and redefine life today.

The Subprime Solution

Author : Robert J. Shiller
Publisher : Princeton University Press
ISBN 13 : 0691156328
Total Pages : 224 pages
Book Rating : 4.6/5 (911 download)

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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.

Debtor Nation

Author : Louis Hyman
Publisher : Princeton University Press
ISBN 13 : 1400838401
Total Pages : 391 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Debtor Nation by : Louis Hyman

Download or read book Debtor Nation written by Louis Hyman and published by Princeton University Press. This book was released on 2011-01-03 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: The story of personal debt in modern America Before the twentieth century, personal debt resided on the fringes of the American economy, the province of small-time criminals and struggling merchants. By the end of the century, however, the most profitable corporations and banks in the country lent money to millions of American debtors. How did this happen? The first book to follow the history of personal debt in modern America, Debtor Nation traces the evolution of debt over the course of the twentieth century, following its transformation from fringe to mainstream—thanks to federal policy, financial innovation, and retail competition. How did banks begin making personal loans to consumers during the Great Depression? Why did the government invent mortgage-backed securities? Why was all consumer credit, not just mortgages, tax deductible until 1986? Who invented the credit card? Examining the intersection of government and business in everyday life, Louis Hyman takes the reader behind the scenes of the institutions that made modern lending possible: the halls of Congress, the boardrooms of multinationals, and the back rooms of loan sharks. America's newfound indebtedness resulted not from a culture in decline, but from changes in the larger structure of American capitalism that were created, in part, by the choices of the powerful—choices that made lending money to facilitate consumption more profitable than lending to invest in expanded production. From the origins of car financing to the creation of subprime lending, Debtor Nation presents a nuanced history of consumer credit practices in the United States and shows how little loans became big business.

Financial Shock

Author : Mark Zandi
Publisher : FT Press
ISBN 13 : 0137004214
Total Pages : 283 pages
Book Rating : 4.1/5 (37 download)

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Book Synopsis Financial Shock by : Mark Zandi

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

Understanding the Securitization of Subprime Mortgage Credit

Author : Adam B. Ashcraft
Publisher : DIANE Publishing
ISBN 13 : 1437925146
Total Pages : 76 pages
Book Rating : 4.4/5 (379 download)

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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.

Subprime Factor

Author : Jeffrey D. Schlaman
Publisher : BookPros, LLC
ISBN 13 : 9780981546254
Total Pages : 264 pages
Book Rating : 4.5/5 (462 download)

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Book Synopsis Subprime Factor by : Jeffrey D. Schlaman

Download or read book Subprime Factor written by Jeffrey D. Schlaman and published by BookPros, LLC. This book was released on 2008 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Doug Boyd has spent ten years sacrificing his social life and dignity to his accounting job, for little reward. So when his boss pressures him to ignore some suspicious numbers on a high-profile audit, he refuses to bend the rules. Ignoring his boss's veiled threats, he goes on a weekend camping trip with three old college buddies -- and narrowly escapes a hit man. Now Doug and his three friends-an FBI agent on the edge, a college economics instructor and conspiracy theorist, and a slick real estate broker-are caught in a tangled conspiracy that spawned the creation of the Federal Reserve Bank. A shadowy collective of representatives from the nation's most powerful financial companies and government agencies is colluding to 'erase' the massive economic mistakes that caused the credit crunch and collapse of the recent housing bubble. Doug and his friends must fight to gather the evidence and blow the cover on the conspiracy before it ruins what's left of their careers and their lives.

The Subprime Virus

Author : Kathleen C. Engel
Publisher : Oxford University Press
ISBN 13 : 0199398283
Total Pages : 368 pages
Book Rating : 4.1/5 (993 download)

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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.

Hidden in Plain Sight

Author : Peter J. Wallison
Publisher : Encounter Books
ISBN 13 : 159403866X
Total Pages : 331 pages
Book Rating : 4.5/5 (94 download)

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Book Synopsis Hidden in Plain Sight by : Peter J. Wallison

Download or read book Hidden in Plain Sight written by Peter J. Wallison and published by Encounter Books. This book was released on 2016-03-29 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008 financial crisis—like the Great Depression—was a world-historical event. What caused it will be debated for years, if not generations. The conventional narrative is that the financial crisis was caused by Wall Street greed and insufficient regulation of the financial system. That narrative produced the Dodd-Frank Act, the most comprehensive financial-system regulation since the New Deal. There is evidence, however, that the Dodd-Frank Act has slowed the recovery from the recession. If insufficient regulation caused the financial crisis, then the Dodd-Frank Act will never be modified or repealed; proponents will argue that doing so will cause another crisis. A competing narrative about what caused the financial crisis has received little attention. This view, which is accepted by almost all Republicans in Congress and most conservatives, contends that the crisis was caused by government housing policies. This book extensively documents this view. For example, it shows that in June 2008, before the crisis, 58 percent of all US mortgages were subprime or other low-quality mortgages. Of these, 76 percent were on the books of government agencies such as Fannie Mae and Freddie Mac. When these mortgages defaulted in 2007 and 2008, they drove down housing prices and weakened banks and other mortgage holders, causing the crisis. After this book is published, no one will be able to claim that the financial crisis was caused by insufficient regulation, or defend Dodd-Frank, without coming to terms with the data this book contains.

Race for Profit

Author : Keeanga-Yamahtta Taylor
Publisher : UNC Press Books
ISBN 13 : 1469653672
Total Pages : 364 pages
Book Rating : 4.4/5 (696 download)

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Book Synopsis Race for Profit by : Keeanga-Yamahtta Taylor

Download or read book Race for Profit written by Keeanga-Yamahtta Taylor and published by UNC Press Books. This book was released on 2019-09-03 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: LONGLISTED FOR THE 2019 NATIONAL BOOK AWARD FINALIST, 2020 PULITZER PRIZE IN HISTORY By the late 1960s and early 1970s, reeling from a wave of urban uprisings, politicians finally worked to end the practice of redlining. Reasoning that the turbulence could be calmed by turning Black city-dwellers into homeowners, they passed the Housing and Urban Development Act of 1968, and set about establishing policies to induce mortgage lenders and the real estate industry to treat Black homebuyers equally. The disaster that ensued revealed that racist exclusion had not been eradicated, but rather transmuted into a new phenomenon of predatory inclusion. Race for Profit uncovers how exploitative real estate practices continued well after housing discrimination was banned. The same racist structures and individuals remained intact after redlining's end, and close relationships between regulators and the industry created incentives to ignore improprieties. Meanwhile, new policies meant to encourage low-income homeownership created new methods to exploit Black homeowners. The federal government guaranteed urban mortgages in an attempt to overcome resistance to lending to Black buyers – as if unprofitability, rather than racism, was the cause of housing segregation. Bankers, investors, and real estate agents took advantage of the perverse incentives, targeting the Black women most likely to fail to keep up their home payments and slip into foreclosure, multiplying their profits. As a result, by the end of the 1970s, the nation's first programs to encourage Black homeownership ended with tens of thousands of foreclosures in Black communities across the country. The push to uplift Black homeownership had descended into a goldmine for realtors and mortgage lenders, and a ready-made cudgel for the champions of deregulation to wield against government intervention of any kind. Narrating the story of a sea-change in housing policy and its dire impact on African Americans, Race for Profit reveals how the urban core was transformed into a new frontier of cynical extraction.

Hellfire Nation

Author : James A. Morone
Publisher : Yale University Press
ISBN 13 : 0300105177
Total Pages : 589 pages
Book Rating : 4.3/5 (1 download)

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Book Synopsis Hellfire Nation by : James A. Morone

Download or read book Hellfire Nation written by James A. Morone and published by Yale University Press. This book was released on 2004-01-01 with total page 589 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation. Although the US is proud of being a secular state, religion lies at the heart of American politics. This volume looks at how the country came to have the soul of a church & the consequences - the moral crusades against slavery, alcohol, witchcraft & discrimination that time & again have prevailed upon the nation.

The Housing Boom and Bust

Author : Thomas Sowell
Publisher : Basic Books (AZ)
ISBN 13 : 0465018807
Total Pages : 194 pages
Book Rating : 4.4/5 (65 download)

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Book Synopsis The Housing Boom and Bust by : Thomas Sowell

Download or read book The Housing Boom and Bust written by Thomas Sowell and published by Basic Books (AZ). This book was released on 2009-05-12 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains 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 "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.

The Politics of Housing Booms and Busts

Author : Leonard Seabrooke
Publisher : Springer
ISBN 13 : 0230280447
Total Pages : 264 pages
Book Rating : 4.2/5 (32 download)

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Book Synopsis The Politics of Housing Booms and Busts by : Leonard Seabrooke

Download or read book The Politics of Housing Booms and Busts written by Leonard Seabrooke and published by Springer. This book was released on 2009-06-25 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book demonstrates how housing systems are built from political struggles over the distribution of welfare and wealth. The contributors analyze varieties of residential capitalism through a range of international case studies, as well as investigating the links between housing finance and the current international financial crisis.

Lawless Capitalism

Author : Steven A. Ramirez
Publisher : NYU Press
ISBN 13 : 0814776493
Total Pages : 304 pages
Book Rating : 4.8/5 (147 download)

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Book Synopsis Lawless Capitalism by : Steven A. Ramirez

Download or read book Lawless Capitalism written by Steven A. Ramirez and published by NYU Press. This book was released on 2013 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this innovative and exhaustive study, Steven A. Ramirez posits that the subprime mortgage crisis, as well as the global macroeconomic catastrophe it spawned, is traceable to a gross failure of law. The rule of law must appropriately channel and constrain the exercise of economic and political power. Used effectively, it ensures that economic opportunity isn’t limited to a small group of elites that enjoy growth at the expense of many, particularly those in vulnerable economic situations. In Lawless Capitalism, Ramirez calls for the rule of law to displace crony capitalism. Only through the rule of law, he argues, can capitalism be reconstructed.

Subprime Mortgages

Author : Edward M. Gramlich
Publisher : The Urban Insitute
ISBN 13 : 9780877667391
Total Pages : 124 pages
Book Rating : 4.6/5 (673 download)

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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.

The Financial Crisis Inquiry Report, Authorized Edition

Author : United States. Financial Crisis Inquiry Commission
Publisher : Public Affairs
ISBN 13 : 1610390415
Total Pages : 578 pages
Book Rating : 4.6/5 (13 download)

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Book Synopsis The Financial Crisis Inquiry Report, Authorized Edition by : United States. Financial Crisis Inquiry Commission

Download or read book The Financial Crisis Inquiry Report, Authorized Edition written by United States. Financial Crisis Inquiry Commission and published by Public Affairs. This book was released on 2011-01-27 with total page 578 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the causes of the financial crisis that began in 2008 and reveals the weaknesses found in financial regulation, excessive borrowing, and breaches in accountability.

Fraud and the Subprime Mortgage Crisis

Author : Tomson Hoang Nguyen
Publisher : LFB Scholarly Publishing
ISBN 13 : 9781593324537
Total Pages : 0 pages
Book Rating : 4.3/5 (245 download)

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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.