The Rise and Fall of the US Mortgage and Credit Markets

A Comprehensive Analysis of the Market Meltdown

Author: James Barth

Publisher: John Wiley & Sons

ISBN: 9780470493885

Category: Business & Economics

Page: 528

View: 3616

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. Mortgage and Credit Markets, renowned finance expert James Barth offers a comprehensive examination of the mortgage meltdown. Together with a team of economists at the Milken Institute, he explores the shock waves that have rippled through the entire financial sector and the real economy. Deploying an incredibly detailed and extensive set of data, the book offers in-depth analysis of the mortgage meltdown and the resulting worldwide financial crisis. This authoritative volume explores what went wrong in every critical area, including securitization, loan origination practices, regulation and supervision, Fannie Mae and Freddie Mac, leverage and accounting practices, and of course, the rating agencies. The authors explain the steps the government has taken to address the crisis thus far, arguing that we have yet to address the larger issues. Offers a comprehensive examination of the mortgage market meltdown and its reverberations throughout the financial sector and the real economy Explores several important issues that policymakers must address in any future reshaping of financial market regulations Addresses how we can begin to move forward and prevent similar crises from shaking the foundations of our financial system The Rise and Fall of the U.S. Mortgage and Credit Markets analyzes the factors that should drive reform and explores the issues that policymakers must confront in any future reshaping of financial market regulations.

Lessons from the Financial Crisis

Causes, Consequences, and Our Economic Future

Author: Robert W. Kolb

Publisher: John Wiley & Sons

ISBN: 9780470622414

Category: Business & Economics

Page: 667

View: 2240

The world's best financial minds help us understand today's financial crisis With so much information saturating the market for the everyday investor, trying to understand why the economic crisis happened and what needs to be done to fix it can be daunting. There is a real need, and demand, from both investors and the financial community to obtain answers as to what really happened and why. Lessons from the Financial Crisis brings together the leading minds in the worlds of finance and academia to dissect the crisis. Divided into three comprehensive sections-The Subprime Crisis; The Global Financial Crisis; and Law, Regulation, the Financial Crisis, and The Future-this book puts the events that have transpired in perspective, and offers valuable insights into what we must do to avoid future missteps. Each section is comprised of chapters written by experienced contributors, each with his or her own point of view, research, and conclusions Examines the market collapse in detail and explores safeguards to stop future crises Encompasses the most up-to-date analysis from today's leading financial minds We currently face a serious economic crisis, but in understanding it, we can overcome the challenges it presents. This well-rounded resource offers the best chance to get through the current situation and learn from our mistakes.

The Public Nature of Private Property

Author: Professor Michael Diamond,Professor Robin Paul Malloy

Publisher: Ashgate Publishing, Ltd.

ISBN: 1409497682

Category: Law

Page: 274

View: 2332

What, exactly, is private property? Or, to ask the question another way, what rights to intrude does the public have in what is generally accepted as private property? The answer, perhaps surprisingly to some, is that the public has not only a significant interest in regulating the use of private property but also in defining it, and establishing its contour and texture. In The Public Nature of Private Property, therefore, scholars from the United States and the United Kingdom challenge traditional conceptions of private property while presenting a range of views on both the meaning of private property, and on the ability, some might say the requirement, of the state to regulate it.

Financial Crisis

The United States in the Early Twenty-First Century

Author: J. Hendrickson

Publisher: Springer

ISBN: 1137311053

Category: Business & Economics

Page: 238

View: 3825

This book offers a critical look at prominent theories of financial crisis to try to understand how prepared the profession is for identifying the next financial crisis. An analysis of the first financial crisis of the twenty-first century serves as a starting point for rethinking the efficacy of existing economic models and theories.

Financing the Future

Market-Based Innovations for Growth

Author: Franklin Allen,Glenn Yago

Publisher: Pearson Prentice Hall

ISBN: 9780137083312

Category: Business & Economics

Page: 256

View: 2717

Financial innovation can drive social, economic, and environmental change, transforming ideas into new technologies, industries, and jobs. But when it is misunderstood or mismanaged, the consequences can be severe. In this practical, accessible book, two leading experts explain how sophisticated capital structures can enable companies and individuals to raise funding in larger amounts for longer terms and at lower cost—accomplishing tasks that would otherwise be impossible. The authors recount the history and basic principles of financial innovation, showing how new instruments have evolved, and how they have been used and misused. They thoroughly demystify complex capital structures, offering a practical toolbox for entrepreneurs, corporate executives, and policymakers. Financing the Future presents clear, thorough discussions of the current role of financial innovation in capitalizing businesses, industries, breakthrough technologies, housing solutions, medical treatments, and environmental projects. It also presents a full chapter of lessons learned: essential insights for stabilizing the economy and avoiding pitfalls. Distinguishing genuine innovation from dangerous copycats Crafting sustainable financial innovations that add value and manage risk The best tools for the job: choosing them, customizing them, using them Selecting the right instruments and structures, and making the most of them Financial innovations for business, housing, and medical research Finding new and better ways to promote entrepreneurship and advance social goals Innovating to save the planet and help humanity The power of finance to protect natural resources and alleviate global poverty This is the first in a new series of books on financial innovation, published through a collaboration between Wharton School Publishing and the Milken Institute. Future titles will focus on specific policy areas such as housing and medical research. The Milken Institute is an independent economic think tank whose mission is to improve the lives and economic conditions of diverse populations in the United States and around the world by helping business and public policy leaders identify and implement innovative ideas for creating broad-based prosperity. It puts research to work with the goal of revitalizing regions and finding new ways to generate capital for people with original ideas.

Planning in the USA

Policies, Issues, and Processes

Author: J. Barry Cullingworth,Roger Caves

Publisher: Routledge

ISBN: 1136456910

Category: Architecture

Page: 522

View: 8928

This extensively revised and updated fourth edition of Planning in the USA continues to provide a comprehensive introduction to the policies, theory and practice of planning. Outlining land use, urban planning, and environmental protection policies, this fully illustrated book explains the nature of the planning process and the way in which policy issues are identified, defined, and approached. This full colour edition incorporates new planning legislation and regulations at the state and federal layers of government, updated discussion on current economic issues, and examples of local ordinances in a variety of planning areas. Key updates include: a new chapter on planning and sustainability; a new discussion on the role of foundations and giving to communities; a discussion regarding the aftermath of Katrina in New Orleans; a discussion on deindustrialization and shrinking cities; a discussion on digital billboards; a discussion on recent comprehensive planning efforts; a discussion on land banking; a discussion unfunded mandates; a discussion on community character; a companion website with multiple choice and fill the blank questions, and ‘test yourself’ glossary terms. This book gives a detailed account of urbanization in the United States and reveals the problematic nature and limitations of the planning process, the fallibility of experts, and the difficulties facing policy-makers in their search for solutions. Planning in the USA is an essential book for students, planners and all who are concerned with the nature of contemporary urban and environmental problems.

After the Music Stopped

The Financial Crisis, the Response, and the Work Ahead

Author: Alan S. Blinder

Publisher: Penguin

ISBN: 1101605871

Category: Business & Economics

Page: 528

View: 3825

New York Times Bestseller One of our wisest and most clear-eyed economic thinkers offers a masterful narrative of the crisis and its lessons. Many fine books on the financial crisis were first drafts of history—books written to fill the need for immediate understanding. Alan S. Blinder, esteemed Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board, held off, taking the time to understand the crisis and to think his way through to a truly comprehensive and coherent narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we can do from here—mired as we still are in its wreckage. With bracing clarity, Blinder shows us how the U.S. financial system, which had grown far too complex for its own good—and too unregulated for the public good—experienced a perfect storm beginning in 2007. Things started unraveling when the much-chronicled housing bubble burst, but the ensuing implosion of what Blinder calls the “bond bubble” was larger and more devastating. Some people think of the financial industry as a sideshow with little relevance to the real economy—where the jobs, factories, and shops are. But finance is more like the circulatory system of the economic body: if the blood stops flowing, the body goes into cardiac arrest. When America’s financial structure crumbled, the damage proved to be not only deep, but wide. It took the crisis for the world to discover, to its horror, just how truly interconnected—and fragile—the global financial system is. Some observers argue that large global forces were the major culprits of the crisis. Blinder disagrees, arguing that the problem started in the U.S. and was pushed abroad, as complex, opaque, and overrated investment products were exported to a hungry world, which was nearly poisoned by them. The second part of the story explains how American and international government intervention kept us from a total meltdown. Many of the U.S. government’s actions, particularly the Fed’s, were previously unimaginable. And to an amazing—and certainly misunderstood—extent, they worked. The worst did not happen. Blinder offers clear-eyed answers to the questions still before us, even if some of the choices ahead are as divisive as they are unavoidable. After the Music Stopped is an essential history that we cannot afford to forget, because one thing history teaches is that it will happen again.

The Organizational Contract

From Exchange to Long-Term Network Cooperation in European Contract Law

Author: Professor Fabrizio Cafaggi,Professor Giuseppe Vettori,Professor Stefan Grundmann

Publisher: Ashgate Publishing, Ltd.

ISBN: 1472421264

Category: Law

Page: 384

View: 9053

This book introduces and develops the paradigm of the organisational contract in European contract law. Suggesting that a more radical distinction should be made between contracts which regulate single or spot exchanges and contracts that organize complex economic activities without creating a new legal entity, the book argues that this distinction goes beyond that between spot and relational contracts because it focuses on the organizational dimension of contracting and its governance features. Divided into six parts, the volume brings together a group of internationally renowned experts to examine the structure of long-term contractual cooperation; networks of contracts; knowledge exchange in long-term contractual cooperation; remedies and specific governance rules in long-term relationships; and the move towards legislation. The book will be of value to academics and researchers in the areas of private law, economic theory and sociology of law, and organizational theory. It will also be a useful resource for practitioners working in international contract law and international business transaction law.

Private Real Estate Markets and Investments

Author: H. Kent Baker,Peter Chinloy

Publisher: Oxford University Press

ISBN: 0199388776

Category: Business & Economics

Page: 336

View: 8917

This book provides an overview of private real estate markets and investments. The 14 chapters are divided into three sections for conventional and alternative real estate investments and regulatory issues. Conventional investable real assets examined are retail spaces, apartments, offices, and industrial facilities owned by corporate entities. Alternative real estate assets are uniquely and extensively addressed. These include healthcare, both for facilities and the pricing to make it an investable asset; infrastructure contains roads, bridges, and public utilities; and resources are in land, agriculture, oil, and gas. The regulatory section includes appraisal and valuation, brokerage and transaction costs, sustainability, and green buildings. Readers should gain a greater appreciation of what is needed to be successful when investing in private real estate markets. The share of real estate in institutional portfolios has risen above a previous 5% target, as investors avoid the risks of low interest rates. The world's wealth is shifting to emerging markets where real estate is already a dominant asset class and public securities markets are limited. Institutions with long horizons avoid publicly traded markets because they want to capture any premium from illiquidity. Real estate involves local and cultural restrictions on land usage, sustainability and on the regulation of the illiquidity. For information about public real estate, read Public Real Estate Markets and Investments.

IMF Survey

Author: International Monetary Fund

Publisher: International Monetary Fund

ISBN: 1455256668

Category: Business & Economics

Page: 286

View: 6932

Global market turmoil; Strauss-Kahn to head IMF; Global warming; Europe: Financial integration; Islamic finance; Emerging market vulnerability; Subprime turmoil: Lessons; Maghreb integration; Oil producers: Fiscal management; News briefs.

Advancing Technologies for Asian Business and Economics: Information Management Developments

Information Management Developments

Author: Ura, Dasho Karma

Publisher: IGI Global

ISBN: 1466602775

Category: Business & Economics

Page: 329

View: 6922

"This book offers the latest research available within the field of information management as it pertains to the Asian business market, promoting and coordinating developments in the field of Asian and Chinese studies, as well as presenting strategic roles of IT and management towards sustainable development"--

The Law and Practice of Restructuring in the UK and US

Author: Christopher Mallon,Shai Waisman

Publisher: Oxford University Press

ISBN: 0199583773

Category: Law

Page: 489

View: 6350

The Law and Practice of Restructuring in the UK and US is a practical guide to the restructuring of corporate debt and associated restructuring issues such as employees and pensions, from the perspective of both UK and New York law, the dominant systems of law in the world commercial and financial markets. At a time when many companies are looking at renegotiating and restructuring their debt agreements, this book provides a timely analysis of current techniques and likely developments in the field of corporate restructuring. An expert contributor team from both the US and UK combine their practical experience to cover all aspects of corporate restructuring. Through vivid exposure of the differences between the two jurisdictions, this book considers likely developments in the corporate restructuring landscape, for example the US Chapter 11 paradigm, as well as addressing lessons learned from past issues which are likely to feed into future develompents With coverage of techniques available to both stressed and distressed companies, as well as looking at specialist markets and key stakeholders, The Law and Practice of Restructuring in the UK and US is an invaluable guide for banking, finance and insolvency practitioners and their clients, both financial institutions and companies looking to restructure debt, as well as global accountancy firms and law and business schools worldwide.

The Rise and Fall of Money Manager Capitalism

Minsky's half century from world war two to the great recession

Author: Eric Tymoigne,L. Randall Wray

Publisher: Routledge

ISBN: 1135076650

Category: Business & Economics

Page: 300

View: 6285

The book studies the trends that led to the worst financial crisis since the Great Depression, as well as the unfolding of the crisis, in order to provide policy recommendations to improve financial stability. The book starts with changes in monetary policy and income distribution from the 1970s. These changes profoundly modified the foundations of economic growth in the US by destroying the commitment banking model and by decreasing the earning power of households whose consumption has been at the core of the growth process. The main themes of the book are the changes in the financial structure and income distribution, the collapse of the Ponzi process in 2007, and actual and prospective policy responses. The objective is to show that Minsky’s approach can be used to understand the making and unfolding of the crisis and to draw some policy implications to improve financial stability.

What Fuels the Boom Drives the Bust

Regulation and the Mortgage Crisis

Author: Jihad Dagher,Mr. Ning Fu

Publisher: International Monetary Fund

ISBN: 1463913974

Category: Business & Economics

Page: 57

View: 5940

We show that the lightly regulated non-bank mortgage originators contributed disproportionately to the recent boom-bust housing cycle. Using comprehensive data on mortgage originations, which we aggregate at the county level, we first establish that the market share of these independent non-bank lenders increased in virtually all US counties during the boom. We then exploit the heterogeneity in the market share of independent lenders across counties as of 2005 and show that higher market participation by these lenders is associated with increased foreclosure filing rates at the onset of the housing downturn. We carefully control for counties'' economic, demographic, and housing market characteristics using both parametric and semi-nonparametric methods. We show that this relation between the pre-crisis market share of independents and the rise in foreclosure is more pronounced in less regulated states. The macroeconomic consequences of our findings are significant: we show that the market share of these lenders as of 2005 is also a strong predictor of the severity of the housing downturn and subsequent rise in unemployment. Overall our findings lend support to the view that more stringent regulation could have averted some of the volatility on the housing market during the recent boom-bust episode.

Public Real Estate Markets and Investments

Author: H. Kent Baker,Peter Chinloy

Publisher: Oxford University Press

ISBN: 0199993297

Category: Business & Economics

Page: 672

View: 7600

Real estate is typically classified as an alternative to more traditional investments such as stocks and bonds. Real estate investing involves the purchase, ownership, management, rental, or sale of real estate for profit. Real estate investments can be both income producing and non-income producing. Although real estate can produce income like a bond and appreciate like a stock, this tangible asset has several unique characteristics as well as advantages and disadvantages relative to other investment alternatives. Benefits of including real estate in a portfolio include diversification, yield enhancement, risk reduction, tax management, and inflation hedging. Unlike traditional investments, investors in real estate have the ability to influence performance. Real estate has drawbacks in that it requires management, is costly and difficult to buy, sell, and operate, and sometimes has lower liquidity. Additionally, measuring the relative performance of real estate can be challenging. The purpose of this 14-chapter book is to provide an overview and synthesis of public real estate markets and investments in a global context. The book discusses the major types and the latest trends within public real estate markets and presents the results of research studies in a straightforward manner. It has three sections: (1) foundations of public real estate, (2) public debt markets and investments, and (3) public equity markets and investments. The book should be interest to various groups including academics, practitioners, investors, and students. Readers should gain a greater appreciation of what is needed for success when investing in public real estate markets. For more information about private real estate, read Private Real Estate Markets and Investments.

Foreclosed

High-Risk Lending, Deregulation, and the Undermining of America's Mortgage Market

Author: Daniel Immergluck

Publisher: Cornell University Press

ISBN: 080145882X

Category: Social Science

Page: 280

View: 6619

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.

International Economics

Author: Robert Carbaugh

Publisher: Cengage Learning

ISBN: 1305177096

Category: Business & Economics

Page: 576

View: 5899

Now in its 15th edition, this proven, market-leading book remains a favorite among readers of all backgrounds for its clear, concise treatment of international trade and finance theory. Using a wealth of contemporary examples and practical applications, INTERNATIONAL ECONOMICS vividly demonstrates the relevance of theory to real-world economic issues and policy questions. Discussions are presented both verbally and graphically, making the book highly accessible even if you have little economics background. As you will soon discover, If it's clear, concise, and contemporary, it has to be Carbaugh! Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.

Fixing the Housing Market

Financial Innovations for the Future

Author: Franklin Allen,James R. Barth,Glenn Yago

Publisher: Pearson Prentice Hall

ISBN: 0137011601

Category: Business & Economics

Page: 195

View: 9758

Explains the financial history leading to the mortgage meltdown and assesses today's housing finance systems in the United States and abroad.

The FitzPatrick Tapes

The Rise and Fall of One Man, One Bank, and One Country

Author: Tom Lyons,Brian Carey

Publisher: Penguin UK

ISBN: 0141967021

Category: Biography & Autobiography

Page: 320

View: 3411

The FitzPatrick Tapes: The sensational story of the man and the bank that brought Ireland low One day in May 2009, Sean FitzPatrick - the disgraced former chief executive and chairman of Anglo Irish Bank - sat down to lunch in a Holiday Inn in Dublin. Across the table sat Tom Lyons, a business reporter with the Sunday Times. Seven months later, the two met for the first of what would be seventeen formal, tape-recorded interviews over the course of 2010: a year when Ireland, its public finances ruined in large part by the cost of covering Anglo's losses, went bust itself. In these interviews, FitzPatrick talked at length and in detail about his banking experiences and philosophy, his colleagues and clients, his investments, his public disgrace, his arrest and his bankruptcy. Lyons and his colleague Brian Carey draw on the FitzPatrick tapes and on their many sources within Anglo, the state and the business community to tell the story of that crisis - and of the man who became the face of it. This is a tale of toothless regulators, hopeless accountants, politicians and civil servants out of their depth, and businessmen in denial about the crash. Above all, though, it is the story of FitzPatrick: the man who built that bank that has been at the centre of Ireland's economic meltdown. 'A sensational document' Eamon Dunphy, Newstalk 'It is a journalistic scoop; the story of a bank that got too big; a snapshot of an economic era; and, already, a piece - or at least a version - of history' Sunday Business Post