Foreclosed

Foreclosed

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In 2007 and 2008, the United States has observed, with some horror, the explosion and collapse of entire segments of the housing market, especially those driven by subprime and alternative or qexoticq home mortgage lending. Foreclosed explains the rise of high-risk lending and why these newer types of loansa€”and their associated regulatory infrastructurea€”failed in substantial ways. Dan Immergluck narrates the boom in subprime and exotic loans, recounting how financial innovations and deregulation facilitated excessive risk-taking, and how these loans have harmed different populations and communities. Immergluck, who has been working, researching, and writing on issues tied to housing finance and neighborhood change for almost twenty years, has an intimate knowledge of the promotion of homeownership and the history of mortgages in the United States. The changes to the mortgage market over the past fifteen yearsa€”including the securitization of mortgages and the failure of regulators to maintain control over a much riskier array of mortgage productsa€”led, he finds, inexorably to the current crisis. After describing the development of generally stable and risk-limiting mortgage markets throughout much of the twentieth century, Foreclosed details how federal policy-makers failed to regulate the new high-risk lending markets that arose in the late 1990s and early 2000s. The book also examines federal, state, and local efforts to deal with the mortgage and foreclosure crisis of 2007 and 2008. Immergluck draws upon his wealth of experience to provide an overarching set of principles and a detailed set of policy recommendations for qrighting the shipq of U.S. housing finance in ways that will promote affordable yet sustainable homeownership as an option for a broad set of households and communities. The 2011 paperback edition features a new preface by the author addressing the ongoing global economic crisis and the impact of U.S. financial reform efforts on the mortgage system.... of conventional home purchase loans with very low down payments, the FHA remained a major provider of such loans through 2000. ... were generally carefully designed to include prepurchase counseling and cautious requirements regarding credit score and history. ... The very low and zero down-payment innovations introduced more broadly after 2000 and shown in dark gray in figure 3.6 wereanbsp;...


Title:Foreclosed
Author: Daniel Immergluck
Publisher:Cornell University Press - 2009
ISBN-13:

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