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eBook Foreclosed: High-Risk Lending, Deregulation, and the Undermining of America's Mortgage Market ePub

eBook Foreclosed: High-Risk Lending, Deregulation, and the Undermining of America's Mortgage Market ePub

by Dan Immergluck,Daniel Immergluck

  • ISBN: 080147714X
  • Category: Politics and Government
  • Subcategory: Politics
  • Author: Dan Immergluck,Daniel Immergluck
  • Language: English
  • Publisher: Cornell University Press; Reprint edition (February 11, 2011)
  • Pages: 280
  • ePub book: 1647 kb
  • Fb2 book: 1555 kb
  • Other: lit doc lrf docx
  • Rating: 4.5
  • Votes: 387

Description

It is argued that the CRA forced lenders to give mortgage loans to high-risk borrowers. This is nonsense for at least five reasons.

The subprime crisis in mortgage lending and the resulting wave of foreclosures have been hitting cities and communities all over the United States. It is argued that the CRA forced lenders to give mortgage loans to high-risk borrowers.

Dan Immergluck's Foreclosed provides a detailed historical overview of the evolution of US mortgage markets . Foreclosed is a must-read for anyone who wants to understand how the mortgage market really works and the sources of the current mortgage market meltdown.

Dan Immergluck's Foreclosed provides a detailed historical overview of the evolution of US mortgage markets during the New Deal era, to the era of ization, the emergence of the high risk loan products and the sudden growth of the high risk loan market. It presents a thorough body of evidence which illustrates that ample warnings should have been evident leading into the 2007–2008 housing crisis, but these warnings were ignored and were not reflected in policy.

Foreclosed explains the rise of high-risk lending and why these newer types of loans-and their associated regulatory .

Foreclosed explains the rise of high-risk lending and why these newer types of loans-and their associated regulatory d 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.

Foreclosed: High-risk lending, deregulation, and the undermining of America's mortgage market. From the subprime to the exotic: excessive mortgage market risk and foreclosures. Journal of the American Planning Association 74 (1), 59-76, 2008. Cornell University Press, 2011. Large redevelopment initiatives, housing values and gentrification: the case of the Atlanta Beltline.

Dan Immergluck is a professor in the School of City and Regional Planning at Georgia Tech in Atlanta and the author of Foreclosed: High-Risk Lending, Deregulation, and the Undermining of America?s Mortgage Market. Fannie, Freddie, and the Future. The secondary mortgage market worked better when it was a true public institution. May 17, 2011 3:48 PM Dan Immergluck Special Report.

Start by marking Foreclosed: High-Risk Lending, Deregulation, and the Undermining of America's Mortgage Market as Want to Read: Want to Read savin. ant to Read.

Dan Immergluck narrates the boom in subprime and exotic loans, recounting how financial innovations and deregulation facilitated excessive . High-risk mortgage lending imposes a wide array of costs-both financial and nonfinancial-on a variety of individuals, organizations, and communities.

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.

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These fundamental questions include, what is the right level of complexity for the secondary mortgage market?

The book provides a good introduction to the causes of the crisis in the mortgage market. Given, however, that the book was written before the crisis has fully taken its course, it does have certain limitations. In particular, the book deals with some fundamental questions too superficially.

Over the last two years, 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 "exotic" home mortgage lending. The unfortunately timely Foreclosed explains the rise of high-risk lending and why these newer types of loans―and their associated regulatory infrastructure―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 years―including the securitization of mortgages and the failure of regulators to maintain control over a much riskier array of mortgage products―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 "righting the ship" 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.

Comments

I love Mercedes I love Mercedes
I read your book to fill in the blanks for a housing policy and community development level of instruction that was subpar in the graduate school I attended. I found your book and a few other resources gave me a more robust view of the housing crises that devastated the housing and capital markets.
Thanks!
Rarranere Rarranere
I had this book for a class. It was really informative and i learned many new things about the foreclosure crisis. Obviously left leaning for those who care.