Verfügbarkeit: A financial history of the United States

A financial history of the United States: 6 From the subprime crisis to the Great Recession (2006-2009)

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Bibliographische Detailangaben
1. Verfasser:	Markham, Jerry W. (VerfasserIn)
Format:	Buch
Sprache:	English
Veröffentlicht:	Armonk, NY [u.a.] Sharpe 2011
Online-Zugang:	Inhaltsverzeichnis
Beschreibung:	XXV, S. 377 - 826
ISBN:	9780765624314

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MARC


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Datensatz im Suchindex

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adam_text	Contents From the Subprime Crisis to the Great Recession (2006-2009) List of Abbreviations ..................................................................................xiii Preface .......................................................................................................xvii Acknowledgments .......................................................................................xix Introduction .................................................................................................xxi Photographs follow page 622. Part III. The Growth of the Mortgage Market .....................................375 9. Securitization ........................................................................................377 Government-Sponsored Enterprises ......................................................377 GSEs ....................................................................................................377 Securitization .......................................................................................379 Collateralized Mortgage Obligations ..................................................381 Mortgage Market Growth ......................................................................382 Secondary Market ................................................................................382 Private Securitizations ........................................................................384 Asset-Backed Commercial Paper ........................................................385 Student Loans ......................................................................................386 Subprime Lending ..................................................................................391 Subprime Loans ...................................................................................391 Consumer Protection Legislation ........................................................392 Predatory Lending Practices ...............................................................393 Federal Preemption .............................................................................396 Fannie Mae and Freddie Mac .............................................................399 Collateralized Debt Obligations .........................................................402 Monoline Insurers ................................................................................403 Credit-Default Snaps ..........................................................................406 Mortgage Brokers ................................................................................407 Nonbank Subprime Lenders ................................................................408 гііі CONTENTS 10. Prelude to a Crisis .............................................................................412 Panics and Bubbles ................................................................................412 Some History .......................................................................................412 The Stock Market Crash of 1929.........................................................413 Inflation ...............................................................................................414 The Stock Market Crash of 1987.........................................................415 Trouble Abroad ....................................................................................416 Run-Up to the Real Estate Bubble .........................................................418 Breaking the Dot.Com Bubble .............................................................418 Interest Rates .......................................................................................419 More Interest Rate Increases ...............................................................423 Changing of the Guard ........................................................................425 First-Quarter Results ...........................................................................425 Paulson Arrives ...................................................................................426 Interest Rate Effects .............................................................................427 Third Quarter ......................................................................................428 The First Cracks Appear ........................................................................429 The Dow Rises .....................................................................................429 False Hopes .........................................................................................430 The New Year— 2007.............................................................................431 Mixed Signals ......................................................................................431 New Century Financial ........................................................................432 More Losses .........................................................................................433 On to the Second Quarter ....................................................................434 Bear Stearns — The Struggle Begins ....................................................437 The Credit Crunch and Private Equity ................................................440 Third-Quarter Problems ......................................................................444 Fair-Value Accounting .........................................................................448 The Fed Acts on Rates .........................................................................449 Subprime Problems Travel Abroad ......................................................451 The Crisis at Citigroup ........................................................................453 UBS ......................................................................................................457 Money Market Fund Problems ............................................................459 Asset-Backed Commercial Paper (ABCP) Problems ...........................460 Fed Policy ............................................................................................461 Fourth-Quarter Results ........................................................................463 Fannie and Freddie ..............................................................................464 Payday Lending ...................................................................................467 Executive Compensation .....................................................................468 Part IV. The Subprime Crisis ..................................................................471 11. The Crisis Begins ...............................................................................473 A Crumbling Landscape ........................................................................473 The New Year .......................................................................................473 CONTENTS ix Société Générale ..................................................................................475 Countrywide Financial ........................................................................476 The Crisis Continues ...........................................................................480 Policy Developments ...........................................................................480 Mortgages ............................................................................................482 The Crisis Continues ...........................................................................485 Auction Rate Security Market ..............................................................486 More Problems ....................................................................................490 Bear Stearns Fails ...............................................................................495 First-Quarter Results ...........................................................................499 More UBS Problems ............................................................................503 More Losses .........................................................................................504 Economic Turmoil Continues ..............................................................504 Financial Services Results ...................................................................507 Investigations .......................................................................................508 Broadening Problems ..........................................................................509 Short Sales ...........................................................................................510 The Decline Continues ........................................................................512 indy Mac Fails ......................................................................................514 Energy Prices ......................................................................................516 Federal Housing Administration .........................................................517 Third-Quarter Results .........................................................................519 Fannie Mae and Freddie Mac Are Nationalized .................................520 12. The Great Panic Begins .....................................................................524 The Financial Hurricane ........................................................................524 Lehman Brothers .................................................................................524 Reserve Primary Fund .........................................................................531 The AIG Debacle .................................................................................534 More Failures .........................................................................................546 Merrill Lynch .......................................................................................546 The Crisis at Morgan Stanley ..............................................................554 Washington Mutual (WaMu) ................................................................557 Wachovia .............................................................................................558 The Bailout .............................................................................................561 The Feds Face the Crisis .....................................................................561 The Bailout Bill ...................................................................................562 Troubled Asset Relief Program (TARP) ...............................................565 More Problems ....................................................................................565 Government Reactions ........................................................................566 Market Volatility ..................................................................................567 TheTARP Bailouts ..............................................................................567 Municipal Securities ............................................................................570 General Electric ..................................................................................570 .v CONTEXTS 13. The Crisis Continues .........................................................................572 The Contagion Spreads ..........................................................................572 Crisis Abroad .......................................................................................572 Private Equity ......................................................................................577 Hedge Funds ........................................................................................579 Venture Capital ....................................................................................583 Dealing with Chaos ................................................................................584 The Crisis Rolls On .............................................................................584 Greenspan ............................................................................................586 More Market Volatility .........................................................................587 More Citigroup Problems ....................................................................593 Government Action ..............................................................................595 More Losses .........................................................................................597 The Automakers Fail ..............................................................................600 Problems in Motor City .......................................................................600 General Motors and Ford ....................................................................601 The Motor City Bailout Begins ............................................................603 The Madoff Fraud and Other Problems .................................................608 Fraud Continues ..................................................................................608 The Madoff Fraud ................................................................................609 Suicides and Scandals .........................................................................613 A Bad Year Finally Ends ........................................................................615 The Economy Continues to Struggle ...................................................615 Year-End Results ..................................................................................618 Part V. The Crisis Abates .........................................................................623 14. The Rise and Fall of the Subprime Crisis .......................................625 The New President .................................................................................625 The New Year— 2009...........................................................................625 Trouble Abroad ....................................................................................627 Inauguration Day ................................................................................627 Regulatory Proposals and Stimulus .....................................................629 The SEC. J .............................................................................................630 Conditions Remain Uncertain .............................................................632 Executive Compensation .......................................................................636 A Populist Issue Returns ......................................................................636 Bonuses at AIG ....................................................................................638 The Controversy Continues .................................................................640 Compensation Abroad .........................................................................644 The Bottom Is Reached ..........................................................................646 The Market Decline .............................................................................646 Market Critics Emerge ........................................................................648 Market Volatility ..................................................................................649 CONTENTS xi Government Interference .....................................................................651 Economic News ...................................................................................652 Sunrise in America .................................................................................655 The Second Quarter Begins .................................................................655 TARPCops ..........................................................................................656 TARP Funds .........................................................................................658 Green Shoots .......................................................................................660 The Struggle Continues .......................................................................662 The Way to Recovery .............................................................................667 The Rocky Road ...................................................................................667 A Parting of the Clouds .......................................................................669 Fourth Quarter ....................................................................................675 A New Decade Begins ...........................................................................684 Recovery· Is Slow and Uncertain .........................................................688 15. Regulation, Reform, and the Subprime Crisis ................................696 What Caused the Subprime Crisis? ........................................................696 Subprime Affirmative Action ................................................................697 CRA Extortion .................................................................................698 Down Payment Policies .......................................................................700 Safety and Soundness Concerns ..........................................................700 Freddie Mac and Fannie Mae Quotas .................................................701 Andrew Cuomo ....................................................................................703 Bush Administration ............................................................................704 Interest Rate Policies ...........................................................................705 Targeted Interest Rates ........................................................................706 Cany Trades ........................................................................................707 The Fed s Liquidity Role ......................................................................708 Helicopter Ben and Hank the Bazooka ......................................710 Capital Requirements ..........................................................................71 1 SEC Capital Requirements ..................................................................714 Fair-Value Accounting .........................................................................715 The Fair-Value Fight ............................................................................716 The FAS В Reacts .................................................................................720 Real Estate Appraisals ........................................................................721 Appraisal of Income-Producing Property ...........................................723 Risk Models ........................................... ..............................................724 Regulatory Reform .................................................................................725 Financial Literacy of Regulators .........................................................725 Functional Regulation .........................................................................728 Treasury Report ...................................................................................728 Subprime Crisis Regulation Proposals ................................................729 TurfWars .............................................................................................730 The SEC and the Goldman Sachs Case ...............................................731 xii CONTENTS Dodd-Frank Wall Street Reform and Consumer Protection Act ..........736 Elusive Systemic Risk ..........................................................................740 The SEC, CFTC, and Derivatives .......................................................741 Hedge Funds ........................................................................................747 The Ratings Agencies — Shoot the Messenger ......................................748 Consumer Protection ...........................................................................755 Consumer Financial Protection Bureau ..............................................756 Compensation Issues Again .................................................................758 Federal Insurance ................................................................................761 Regulation Abroad .................................................................................762 The Financial Services Authority ........................................................762 European Union ..................................................................................764 Conclusion .................................................................................................767 Notes ........................................................................................................769 Selected Bibliography ................................................................................777 Cumulative Name Index ............................................................................785 Cumulative Subject Index ..........................................................................815 About the Author ........................................................................................826
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spelling	Markham, Jerry W. Verfasser aut A financial history of the United States 6 From the subprime crisis to the Great Recession (2006-2009) Jerry W. Markham Armonk, NY [u.a.] Sharpe 2011 XXV, S. 377 - 826 txt rdacontent n rdamedia nc rdacarrier (DE-604)BV014510909 6 Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021139235&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis
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title	A financial history of the United States
title_auth	A financial history of the United States
title_exact_search	A financial history of the United States
title_full	A financial history of the United States 6 From the subprime crisis to the Great Recession (2006-2009) Jerry W. Markham
title_fullStr	A financial history of the United States 6 From the subprime crisis to the Great Recession (2006-2009) Jerry W. Markham
title_full_unstemmed	A financial history of the United States 6 From the subprime crisis to the Great Recession (2006-2009) Jerry W. Markham
title_short	A financial history of the United States
title_sort	a financial history of the united states from the subprime crisis to the great recession 2006 2009
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021139235&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
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