Rise and Fall of the Us Mortgage and Credit Markets

Informationen zum Autor 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 . Klappentext Der renommierte Finanzexperte James Barth untersucht in seinem Buch "The Rise and Fall of the U.S. Mortgage and Credit Markets" umfassend die Krise des Hypothekenmarktes. Zusammen mit einem Team von Wirtschaftswissenschaftlern des Milken Institute nimmt er die Vorgänge unter die Lupe, die den Finanzsektor und die Wirtschaft erschüttert haben. Anhand überaus detaillierter und umfassender Daten bietet das Buch eine tiefgründige Analyse der Krise bei Hypothekenbanken und der daraus entstandenen weltweiten Finanzkrise. Barth beleuchtet die Fehlentwicklungen in jedem kritischen Bereich, u. a. die Verbriefung von Kreditpositionen in handelbare Wertpapiere, Kreditvergabepraktiken, die Rolle von Regulierungs- und Kontrollinstanzen, die Hypothekenfinanzierer Fannie Mae und Freddie Mac, Verschuldungs- und Bilanzierungspraktiken und natürlich Rating-Agenturen. Der Autor erläutert die bisher von der US-Regierung eingeleiteten Schritte zur Eindämmung der Krise und mahnt Maßnahmen zur Bewältigung der weitreichenden Probleme an.?The Rise and Fall of the U.S. Mortgage and Credit Markets? analysiert die Faktoren, die Reformen vorantreiben könnten und behandelt Probleme, denen sich Politiker bei der zukünftigen Neugestaltung der Richtlinien für die Finanzmärkte stellen müssen. Zusammenfassung 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. Inhaltsverzeichnis 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 ...

Table des matières

List of Illustrations.
List of Tables.

Acknowledgments.

Chapter 1 Overleveraged, from Main Street to Wall Street.

Chapter 2 Overview of the Housing and Mortgage Markets.

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 Record Homeownership Rates.

Mortgage Originations, Home Prices, and Sales Skyrocket.

Chapter 3 Buildup and Meltdown of the Mortgage and Credit Markets.

What Is a Subprime Mortgage and Who Is a Subprime Borrower?

Subprime Lending Grows Rapidly and New Products Gain Acceptance.

Subprime Mortgages Enable More Widespread Homeownership.

Securitization Facilitates the Funding of Subprime Mortgages.

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 Financial Products?

. . . 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 Explain Foreclosures.

Chapter 6 So Far, Only Piecemeal Fixes.

The Landscape Shifts for Lenders.

The Federal Reserve Intervenes to Provide Liquidity and Higher-Quality Collateral.

Congress and the White House Take Steps to Contain the Damage.

The FDIC Takes Steps to Instill Greater Confidence in Depository Institutions.

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.

Détails du produit

• Auteurs: Barth, James Barth, James R. Barth, James R. Li Barth, Tong Li, Wenling Lu, Triphon Phumiwasana, Glenn Yago
• Edition: Wiley, John and Sons Ltd
• Langues: Anglais
• Format d'édition: Livre Relié
• Sortie: 08.06.2009
• EAN: 9780470477243
• ISBN: 978-0-470-47724-3
• Pages: 526
• Dimensions: 158 mm x 235 mm x 40 mm
• Catégorie: Sciences sociales, droit, économie > Economie > Economie publique