The rise and fall of the U.S. mortgage and credit markets : a comprehensive analysis of the market meltdown
著者
書誌事項
The rise and fall of the U.S. mortgage and credit markets : a comprehensive analysis of the market meltdown
J. Wiley, c2009
大学図書館所蔵 全21件
  青森
  岩手
  宮城
  秋田
  山形
  福島
  茨城
  栃木
  群馬
  埼玉
  千葉
  東京
  神奈川
  新潟
  富山
  石川
  福井
  山梨
  長野
  岐阜
  静岡
  愛知
  三重
  滋賀
  京都
  大阪
  兵庫
  奈良
  和歌山
  鳥取
  島根
  岡山
  広島
  山口
  徳島
  香川
  愛媛
  高知
  福岡
  佐賀
  長崎
  熊本
  大分
  宮崎
  鹿児島
  沖縄
  韓国
  中国
  タイ
  イギリス
  ドイツ
  スイス
  フランス
  ベルギー
  オランダ
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注記
Includes bibliographical references (p. 479-505) and index
内容説明・目次
内容説明
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 homes as a source of worry and dashed expectations. How did everything go haywire? And what can we do about it now?
In The Rise and Fall of the U.S. Mortgage and Credit Markets, renowned finance expert James Barth offers a comprehensive examination of the mortgage meltdown. Together with a team of economists at the Milken Institute, he explores the shock waves that have rippled through the entire financial sector and the real economy. Deploying an incredibly detailed and extensive set of data, the book offers in-depth analysis of the mortgage meltdown and the resulting worldwide financial crisis. This authoritative volume explores what went wrong in every critical area, including securitization, loan origination practices, regulation and supervision, Fannie Mae and Freddie Mac, leverage and accounting practices, and of course, the rating agencies. The authors explain the 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 market meltdown and its reverberations throughout the financial sector and the real economy
Explores several important issues that policymakers must address in any future reshaping of financial market regulations
Addresses how we can begin to move forward and prevent similar crises from shaking the foundations of our financial system
The Rise and Fall of the U.S. Mortgage and Credit Markets analyzes the factors that should drive reform and explores the issues that policymakers must confront in any future reshaping of financial market regulations.
目次
List of Illustrations xi
List of Tables xxv
Acknowledgments xxxiii
Chapter 1 Overleveraged, from Main Street to Wall Street 1
Chapter 2 Overview of the Housing and Mortgage Markets 9
Housing Units, Mortgage Debt, and Household Wealth 9
Types of Home Mortgages 15
Two Housing Finance Models: Originate-to-Hold vs. Originate-to-Distribute 22
Low Interest Rates Contribute to Credit Boom and Record Homeownership Rates 29
Mortgage Originations, Home Prices, and Sales Skyrocket 36
Chapter 3 Buildup and Meltdown of the Mortgage and Credit Markets 41
What Is a Subprime Mortgage and Who Is a Subprime Borrower? 42
Subprime Lending Grows Rapidly and New Products Gain Acceptance 46
Subprime Mortgages Enable More Widespread Homeownership 56
Securitization Facilitates the Funding of Subprime Mortgages 61
The Housing Bubble Reaches the Breaking Point 65
The Collapse Begins 74
Chapter 4 When Will the Crisis End? 101
What Is the Damage Scorecard to Date? 102
The Pain Spreads throughout the Financial Sector and Beyond 112
When Will We Hit Bottom? 135
Chapter 5 What Went Wrong . . . ? 143
. . . with Origination Practices and New Financial Products? 145
. . . with Securitization and Rating Agencies? 153
. . . with Leverage and Accounting Practices? 160
. . . with Fannie Mae and Freddie Mac? 172
. . . with Tax Benefits for Homeownership? 182
. . . with Regulation and Supervision? 184
. . . with the Greed Factor? 204
Assessing the Role of Various Factors to Explain Foreclosures 207
Chapter 6 So Far, Only Piecemeal Fixes 219
The Landscape Shifts for Lenders 220
The Federal Reserve Intervenes to Provide Liquidity and Higher-Quality Collateral 231
Congress and the White House Take Steps to Contain the Damage 249
The FDIC Takes Steps to Instill Greater Confidence in Depository Institutions 269
The Government's Actions Drive up the Deficit 274
Chapter 7 Where Should We Go from Here? 287
Key Factors That Should Drive Reform 289
Issues for Policymakers 293
Concluding Thoughts 319
Appendix 321
Endnotes 445
Glossary 451
References 479
About the Milken Institute and General Disclaimer 507
About the Authors 509
Index 513
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