The Great American Housing Bubble
DOWNLOAD eBooks
Download The Great American Housing Bubble PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get The Great American Housing Bubble book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
The Great American Housing Bubble
DOWNLOAD eBooks
Author : Adam J. Levitin
language : en
Publisher: Harvard University Press
Release Date : 2020-06-09
The Great American Housing Bubble written by Adam J. Levitin and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-09 with Business & Economics categories.
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.
The Great American Housing Bubble
DOWNLOAD eBooks
Author : Adam J. Levitin
language : en
Publisher: Harvard University Press
Release Date : 2020-06-09
The Great American Housing Bubble written by Adam J. Levitin and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-09 with Business & Economics categories.
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.
The Great American Housing Bubble
DOWNLOAD eBooks
Author : Robert M. Hardaway
language : en
Publisher: ABC-CLIO
Release Date : 2011-02-18
The Great American Housing Bubble written by Robert M. Hardaway and has been published by ABC-CLIO this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-02-18 with Business & Economics categories.
This meticulously documented work sets forth the major causes of the greatest asset bubble in world economic history—the American housing bubble, which began in 1940 and collapsed in 2007. In the aftermath of the American housing collapse in 2007, many ask why. The Great American Housing Bubble: The Road to Collapse asks a different and more fundamental question—how the bubble was created in the first place. To answer that question, it examines the causes, both political and economic, of the American housing bubble, created between 1940 and 2007. Those causes encompass everything from federal income tax subsidies for housing to local exclusionary policies, banking, accounting, real estate appraisal, and credit agency rating practices and policies. The book also takes into account the impact of greed, government regulation, speculation, and psychology—including blind faith in investment advisors—on the creation of the greatest asset bubble in the economic history of the world. The author takes a comparative historical approach, examining the current crisis in the light of notorious bubbles of the past. In the end, he concludes that the events precipitating the most recent collapse can be traced, at least in part, not to too little government regulation, but to too much.
The Great American Housing Bubble
DOWNLOAD eBooks
Author : Robert M. Hardaway
language : en
Publisher: Bloomsbury Publishing USA
Release Date : 2011-02-18
The Great American Housing Bubble written by Robert M. Hardaway and has been published by Bloomsbury Publishing USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-02-18 with Business & Economics categories.
This meticulously documented work sets forth the major causes of the greatest asset bubble in world economic history—the American housing bubble, which began in 1940 and collapsed in 2007. In the aftermath of the American housing collapse in 2007, many ask why. The Great American Housing Bubble: The Road to Collapse asks a different and more fundamental question—how the bubble was created in the first place. To answer that question, it examines the causes, both political and economic, of the American housing bubble, created between 1940 and 2007. Those causes encompass everything from federal income tax subsidies for housing to local exclusionary policies, banking, accounting, real estate appraisal, and credit agency rating practices and policies. The book also takes into account the impact of greed, government regulation, speculation, and psychology—including blind faith in investment advisors—on the creation of the greatest asset bubble in the economic history of the world. The author takes a comparative historical approach, examining the current crisis in the light of notorious bubbles of the past. In the end, he concludes that the events precipitating the most recent collapse can be traced, at least in part, not to too little government regulation, but to too much.
Building From The Ground Up
DOWNLOAD eBooks
Author : Kevin Erdmann
language : en
Publisher: Post Hill Press
Release Date : 2022-01-11
Building From The Ground Up written by Kevin Erdmann and has been published by Post Hill Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-11 with Business & Economics categories.
Remember when mania led to a massive housing bubble? When Americans found themselves saddled with too many houses and were hit with the reality that our economy had been built on unsustainable borrowing? Everyone knows about that, right? What if that was wrong? What if, when we get down to brass tacks, Americans have been struggling to build enough new housing—especially in places where housing is in high demand—and this was true, even in 2005? Viewing the economic calamities of the twenty-first century with this central insight turns the conventional wisdom about our economic challenges upside down. The need for more homes has been the core cause of American economic instability and stagnation. Building from the Ground Up will guide you to a sweeping new perspective about the Great Recession and the financial crisis, which points to a brighter path for America’s economic potential.
The Housing Boom And Bust
DOWNLOAD eBooks
Author : Thomas Sowell
language : en
Publisher: Hachette UK
Release Date : 2010-02-23
The Housing Boom And Bust written by Thomas Sowell and has been published by Hachette UK this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-02-23 with Business & Economics categories.
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.
The Great Housing Bubble
DOWNLOAD eBooks
Author : Lawrence Roberts
language : en
Publisher: Monterey Cypress LLC
Release Date : 2008
The Great Housing Bubble written by Lawrence Roberts and has been published by Monterey Cypress LLC this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Art categories.
A detailed analysis of the psychological and mechanical causes of the biggest rally, and subsequent fall, of housing prices ever recorded. Examines the causes of the breathtaking rise in prices and the catastrophic fall that ensued to answer the question on every homeowner's mind: "Why did house prices fall?"--Page 4 of cover
Shut Out
DOWNLOAD eBooks
Author : Kevin Erdmann
language : en
Publisher: Rowman & Littlefield
Release Date : 2019-01-21
Shut Out written by Kevin Erdmann and has been published by Rowman & Littlefield this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-21 with Political Science categories.
Shut Out provides a much-needed correction to the causes and consequences of financial crises and secular stagnation.
Rethinking Housing Bubbles
DOWNLOAD eBooks
Author : Steven D. Gjerstad
language : en
Publisher: Cambridge University Press
Release Date : 2014-05-12
Rethinking Housing Bubbles written by Steven D. Gjerstad and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-12 with Business & Economics categories.
Steven D. Gjerstad and Nobel Laureate Vernon L. Smith demonstrate the critical role that household and bank balance sheets play in economic cycles.
Subprime Nation
DOWNLOAD eBooks
Author : Herman M. Schwartz
language : en
Publisher:
Release Date : 2009
Subprime Nation written by Herman M. Schwartz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Capital market categories.
The author 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 overseas capital into the U.S. economy. High levels of private home ownership helped pull in a disproportionately large share of world capital flows. 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 U.S. 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 other big financial institutions have jeopardized a significant engine of economic growth. The author concentrates on the impact of U.S. regulatory failure on the international economy. He argues that the ?local? problem of the housing crisis carries 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.