Barth The Rise and Fall of the US Mortgage and Credit Markets

A Comprehensive Analysis of the Market Meltdown
1. Auflage 2009
ISBN: 978-0-470-49386-1
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 562 Seiten, E-Book

The mortgage meltdown: what went wrong and how do we fix it?
Owning a home can bestow a sense of security and independence.But today, in a cruel twist, many Americans now regard their homesas a source of worry and dashed expectations. How did everything gohaywire? And what can we do about it now?
In The Rise and Fall of the U.S. Mortgage and CreditMarkets, renowned finance expert James Barth offers acomprehensive examination of the mortgage meltdown. Together with ateam of economists at the Milken Institute, he explores the shockwaves that have rippled through the entire financial sector and thereal economy. Deploying an incredibly detailed and extensive set ofdata, the book offers in-depth analysis of the mortgage meltdownand the resulting worldwide financial crisis. This authoritativevolume explores what went wrong in every critical area, includingsecuritization, loan origination practices, regulation andsupervision, Fannie Mae and Freddie Mac, leverage and accountingpractices, and of course, the rating agencies. The authors explainthe steps the government has taken to address the crisis thus far,arguing that we have yet to address the larger issues.
* Offers a comprehensive examination of the mortgage marketmeltdown and its reverberations throughout the financial sector andthe real economy
* Explores several important issues that policymakers mustaddress in any future reshaping of financial marketregulations
* Addresses how we can begin to move forward and prevent similarcrises from shaking the foundations of our financial system
The Rise and Fall of the U.S. Mortgage and Credit Marketsanalyzes the factors that should drive reform and explores theissues that policymakers must confront in any future reshaping offinancial market regulations.

Autoren/Hrsg.

Barth, James

Inhaltsverzeichnis

List of Illustrations.
List of Tables.
Acknowledgments.
Chapter 1 Overleveraged, from Main Street to WallStreet.
Chapter 2 Overview of the Housing and MortgageMarkets.
Housing Units, Mortgage Debt, and Household Wealth.
Types of Home Mortgages.
Two Housing Finance Models: Originate-to-Hold vs.Originate-to-Distribute.
Low Interest Rates Contribute to Credit Boom and RecordHomeownership Rates.
Mortgage Originations, Home Prices, and Sales Skyrocket.
Chapter 3 Buildup and Meltdown of the Mortgage and CreditMarkets.
What Is a Subprime Mortgage and Who Is a Subprime Borrower?
Subprime Lending Grows Rapidly and New Products GainAcceptance.
Subprime Mortgages Enable More Widespread Homeownership.
Securitization Facilitates the Funding of SubprimeMortgages.
The Housing Bubble Reaches the Breaking Point.
The Collapse Begins.
Chapter 4 When Will the Crisis End?
What Is the Damage Scorecard to Date?
The Pain Spreads throughout the Financial Sector and Beyond.
When Will We Hit Bottom?
Chapter 5 What Went Wrong . . . ?
. . . with Origination Practices and New FinancialProducts?
. . . with Securitization and Rating Agencies?
. . . with Leverage and Accounting Practices?
. . . with Fannie Mae and Freddie Mac?
. . . with Tax Benefits for Homeownership?
. . . with Regulation and Supervision?
. . . with the Greed Factor?
Assessing the Role of Various Factors to ExplainForeclosures.
Chapter 6 So Far, Only Piecemeal Fixes.
The Landscape Shifts for Lenders.
The Federal Reserve Intervenes to Provide Liquidity andHigher-Quality Collateral.
Congress and the White House Take Steps to Contain theDamage.
The FDIC Takes Steps to Instill Greater Confidence in DepositoryInstitutions.
The Government's Actions Drive up the Deficit.
Chapter 7 Where Should We Go from Here?
Key Factors That Should Drive Reform.
Issues for Policymakers.
Concluding Thoughts.
Appendix.
Endnotes.
Glossary.
References
About the Milken Institute and General Disclaimer.
About the Authors.
Index.

Über Autor(innen)

James R. Barth is a Senior Fellow at the Milken Institute and the Lowder Eminent Scholar in Finance at Auburn University. His research focuses on financial institutions and capital markets, both domestic and global, with special emphasis on regulatory issues. Barth was an appointee of Presidents Ronald Reagan and George H.W. Bush as chief economist of the Federal Home Loan Bank Board and later of the Office of Thrift Supervision. He has authored more than 200 articles in professional journals and has written and edited several books, including The Great Savings and Loan Debacle, The Reform of Federal Deposit Insurance, and Rethinking Bank Regulation: Till Angels Govern. Barth has been quoted in publications ranging from the New York Times to the Wall Street Journal and has appeared on broadcast programs including The McNeil/Lehrer NewsHour, Good Morning America, Moneyline, and CNBC's Closing Bell.