Foreclosed: high-risk lending, deregulation, and the undermining of America's mortgage market
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Ithaca [u.a.]
Cornell Univ. Press
2009
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | X, 251 S. graph. Darst., Kt. |
| ISBN: | 9780801447723 |
Staff View
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| 245 | 1 | 0 | |a Foreclosed |b high-risk lending, deregulation, and the undermining of America's mortgage market |c Dan Immergluck |
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| 650 | 4 | |a Subprime mortgage loans |z United States | |
| 650 | 4 | |a Foreclosure |z United States | |
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Record in the Search Index
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| adam_text | Titel: Foreclosed
Autor: Immergluck, Daniel
Jahr: 2009
Contents
List of Figures vii
Preface ix
Housing Finance, Ideology, and the Rise
of High-Risk Mortgage Markets 1
1. U. S. Mortgage Market Development
and Federal Policy to the Early 1990s 17
2. Mortgage Market Disparities and the Dual Regulatory System
in the Twentieth Century 47
3. The High-Risk Revolution 68
4. Mortgage Market Breakdown: The Contributions
of Transactional Failures, Conflicts of Interest,
and Global Capital Surpluses 99
5. The Economic and Social Costs
of High-Risk Mortgage Lending 133
6. High-Risk Lending and Public Policy, 1995-2008 167
Policies for Fair, Affordable, and Sustainable
Mortgage Markets ^7
References 225
Index 241
Figures
1.1 Holders of mortgage debt in the United States, 1892 22
1.2 Number of building and loans in the United States, 1888-193 7 24
1.3 Total assets of building and loans in the United States,
1888-1937 25
1.4 Cash flows in a CMO securitization ° 37
1.5 Typical subprime CMO tranche structure 39
1.6 Outstanding home loans by funding source, 1952-1995 45
2.1 Origination market shares of by lender type, 1970-1996 65
3.1 Refinancing and home purchase loans by subprime lenders,
1993-2004, United States 70
3.2 Share of first-lien high-rate home purchase and refinance loans
that were home purchase 71
3.3 Rates of growth in subprime refinance lending by race of
borrower, 1993-1998, United States 79
3.4 Share of subprime loans that are no-or low-documentation 86
3.5 Increase in mean debt-to-income ratios for subprime home
purchase loans 86
3.6 The historical progression of low and zero down-payment
programs 89
3.7 The virtuous cycle of high-risk lending and housing prices 93
3.8 Issuance of mortgage-backed securities in the Alt-A,
subprime, and GSE markets 95
3.9 Highly structured mortgage finance: the organization
of collateralized debt obligations 97
vn
viii Figures
4.1 Key transactional failures and perverse incentives
in the origination and funding of securitized home loans 101
4.2 Five-year cumulative loss rates for CDOs vs.
other security types for three below-AAA rating classes 115
4.3 Annual U.S. nonagency RMBS issuance
and Moody s stock price, 1999-2007 117
4.4 Growth of New Century Financial, 1996-2006 125
4.5 Early payment defaults for New Century loans,
2004 to early 2007 128
4.6 Percent of New Century mortgages that were
stated-income loans 129
4.7 Percent of New Century loans that were 80/20s 130
5.1 Mortgage foreclosure rates, 1998-2007 136
5.2 Percent of subprime adjustable rate loans entering
foreclosure, annualized rate, first quarter 2005 138
5.3 Percent of subprime adjustable rate loans entering
foreclosure, annualized rate, first quarter 2007 138
5.4 Increases in foreclosures in the City of Chicago, 2005-2007 140
5.5 Percent of residential and business addresses vacant,
10-county Atlanta metropolitan area 157
|
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| spelling | Immergluck, Daniel Verfasser aut Foreclosed high-risk lending, deregulation, and the undermining of America's mortgage market Dan Immergluck Ithaca [u.a.] Cornell Univ. Press 2009 X, 251 S. graph. Darst., Kt. txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index Geschichte 1920-2008 gnd rswk-swf Politik Mortgage loans United States Mortgage loans Government policy United States Subprime mortgage loans United States Foreclosure United States Financial services industry Deregulation United States Housing Finance Government policy United States Financial crises United States Kreditrisiko (DE-588)4114309-7 gnd rswk-swf Finanzwirtschaft (DE-588)4017214-4 gnd rswk-swf Kreditmarkt (DE-588)4073788-3 gnd rswk-swf Hypothekarkredit (DE-588)4161146-9 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Hypothekarkredit (DE-588)4161146-9 s Kreditrisiko (DE-588)4114309-7 s Kreditmarkt (DE-588)4073788-3 s Finanzwirtschaft (DE-588)4017214-4 s Geschichte 1920-2008 z DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017599581&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Immergluck, Daniel Foreclosed high-risk lending, deregulation, and the undermining of America's mortgage market Politik Mortgage loans United States Mortgage loans Government policy United States Subprime mortgage loans United States Foreclosure United States Financial services industry Deregulation United States Housing Finance Government policy United States Financial crises United States Kreditrisiko (DE-588)4114309-7 gnd Finanzwirtschaft (DE-588)4017214-4 gnd Kreditmarkt (DE-588)4073788-3 gnd Hypothekarkredit (DE-588)4161146-9 gnd |
| subject_GND | (DE-588)4114309-7 (DE-588)4017214-4 (DE-588)4073788-3 (DE-588)4161146-9 (DE-588)4078704-7 |
| title | Foreclosed high-risk lending, deregulation, and the undermining of America's mortgage market |
| title_auth | Foreclosed high-risk lending, deregulation, and the undermining of America's mortgage market |
| title_exact_search | Foreclosed high-risk lending, deregulation, and the undermining of America's mortgage market |
| title_full | Foreclosed high-risk lending, deregulation, and the undermining of America's mortgage market Dan Immergluck |
| title_fullStr | Foreclosed high-risk lending, deregulation, and the undermining of America's mortgage market Dan Immergluck |
| title_full_unstemmed | Foreclosed high-risk lending, deregulation, and the undermining of America's mortgage market Dan Immergluck |
| title_short | Foreclosed |
| title_sort | foreclosed high risk lending deregulation and the undermining of america s mortgage market |
| title_sub | high-risk lending, deregulation, and the undermining of America's mortgage market |
| topic | Politik Mortgage loans United States Mortgage loans Government policy United States Subprime mortgage loans United States Foreclosure United States Financial services industry Deregulation United States Housing Finance Government policy United States Financial crises United States Kreditrisiko (DE-588)4114309-7 gnd Finanzwirtschaft (DE-588)4017214-4 gnd Kreditmarkt (DE-588)4073788-3 gnd Hypothekarkredit (DE-588)4161146-9 gnd |
| topic_facet | Politik Mortgage loans United States Mortgage loans Government policy United States Subprime mortgage loans United States Foreclosure United States Financial services industry Deregulation United States Housing Finance Government policy United States Financial crises United States Kreditrisiko Finanzwirtschaft Kreditmarkt Hypothekarkredit USA |
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