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Author: Bill McKim
Publisher: Lulu.com
ISBN: 1105624625
Category : Business & Economics
Languages : en
Pages : 169
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Book Description
This housing bubble book doesn't talk about what happened to people during the Housing Bubble. It explains what a housing bubble is, why they occur, what ended them, that they can't be prevented or controlled by regulation, and how to prevent them in the future. It shows that housing bubbles are always a bad thing for the economy, and why. The book can do all of that when other books and TV programs about the bubble couldn't, because it is based upon the realization that a Homemania occurred in which houses were not bought because they provided shelter and comfort but because they were appreciating in price very rapidly. This caused a cessation of mortgage defaults. This lead to the creation of an investment that paid a very high return with zero apparent risk. The investment produced no wealth, but greatly increased comsumption, thereby impoverishing the economy. Explains mortgage backed securities including CDOs, CDSs, and Synthetic CDOs. Shows who was and wasn't culpable.
Author: Adam J. Levitin
Publisher: Harvard University Press
ISBN: 0674979656
Category : Business & Economics
Languages : en
Pages : 401
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Book Description
The definitive account of the housing bubble that caused the Great Recession—and earned Wall Street fantastic profits. The American housing bubble of the 2000s caused the worst global financial crisis since the Great Depression. In this definitive account, Adam Levitin and Susan Wachter pinpoint its source: the shift in mortgage financing from securitization by Fannie Mae and Freddie Mac to “private-label securitization” by Wall Street banks. This change set off a race to the bottom in mortgage underwriting standards, as banks competed in laxity to gain market share. The Great American Housing Bubble tells the story of the transformation of mortgage lending from a dysfunctional, local affair, featuring short-term, interest-only “bullet” loans, to a robust, national market based around the thirty-year fixed-rate mortgage, a uniquely American innovation that served as the foundation for the middle class. Levitin and Wachter show how Fannie and Freddie’s market power kept risk in check until 2003, when mortgage financing shifted sharply to private-label securitization, as lenders looked for a way to sustain lending volume following an unprecedented refinancing wave. Private-label securitization brought a return of bullet loans, which had lower initial payments—enabling borrowers to borrow more—but much greater back-loaded risks. These loans produced a vast oversupply of underpriced mortgage finance that drove up home prices unsustainably. When the bubble burst, it set off a destructive downward spiral of home prices and foreclosures. Levitin and Wachter propose a rebuild of the housing finance system that ensures the widespread availability of the thirty-year fixed-rate mortgage, while preventing underwriting competition and shifting risk away from the public to private investors.
Author: Bill McKim
Publisher: Lulu.com
ISBN: 1105624625
Category : Business & Economics
Languages : en
Pages : 169
Get Book Here
Book Description
This housing bubble book doesn't talk about what happened to people during the Housing Bubble. It explains what a housing bubble is, why they occur, what ended them, that they can't be prevented or controlled by regulation, and how to prevent them in the future. It shows that housing bubbles are always a bad thing for the economy, and why. The book can do all of that when other books and TV programs about the bubble couldn't, because it is based upon the realization that a Homemania occurred in which houses were not bought because they provided shelter and comfort but because they were appreciating in price very rapidly. This caused a cessation of mortgage defaults. This lead to the creation of an investment that paid a very high return with zero apparent risk. The investment produced no wealth, but greatly increased comsumption, thereby impoverishing the economy. Explains mortgage backed securities including CDOs, CDSs, and Synthetic CDOs. Shows who was and wasn't culpable.
Author: William Quinn
Publisher: Cambridge University Press
ISBN: 1108369359
Category : Business & Economics
Languages : en
Pages : 297
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Book Description
Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting, among other places, Paris and London in 1720, Latin America in the 1820s, Melbourne in the 1880s, New York in the 1920s, Tokyo in the 1980s, Silicon Valley in the 1990s and Shanghai in the 2000s. As they do so, they help us understand why bubbles happen, and why some have catastrophic economic, social and political consequences whilst others have actually benefited society. They reveal that bubbles start when investors and speculators react to new technology or political initiatives, showing that our ability to predict future bubbles will ultimately come down to being able to predict these sparks.
Author: Bill McKim
Publisher:
ISBN: 9781481878081
Category :
Languages : en
Pages : 184
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Book Description
Don't eat the seed corn. During most of the first decade of the twenty first century, a large part of the wealth usually used to create new wealth was diverted into much greater consumption of wealth. This violated the Law of Economics that must be obeyed in order to have a viable economy: Wealth Created Must Be Equal To, or Greater Than, Wealth Consumed The reason that this occurred was that a Housing Bubble afflicted the housing market and the financial system. This book tells what Housing Bubbles are, how and why they occur, how they affect the housing market and the financial system, what can and cannot be done about them, how to prevent their occurrence, and what can be done to repair the damage done by the most recent Housing Bubble. It exonerates all individuals, groups, and agencies and puts the blame squarely where it belongs - on everybody. It tells what must be done, how to do it, who must do it, and why it must be done immediately.
Author: Kieran Trass
Publisher: Penguin UK
ISBN: 1742288154
Category : Business & Economics
Languages : en
Pages : 170
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Book Description
After a long-running property market boom, all indications are that New Zealand is facing at least half a decade of slow or declining values. This trend is mirrored in most countries across the globe. Kieran Trass, real estate investor, advisor and commentator, reassures us that yes, we can still make money at all stages of the property cycle - slump, recovery and boom. The key is having the right knowledge and information. The Housing Bubble addresses all your real-estate questions, including:'How will we know when the slump is coming to an end?''When is it a good time to buy?' and'When will we see market recovery?
Author: Thomas Sowell
Publisher: Basic Books (AZ)
ISBN: 0465018807
Category : Business & Economics
Languages : en
Pages : 194
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Book Description
Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.
Author: Lawrence Roberts
Publisher: Monterey Cypress LLC
ISBN: 0615226930
Category : Art
Languages : en
Pages : 251
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Book Description
A detailed analysis of the psychological and mechanical causes of the biggest rally, and subsequent fall, of housing prices ever recorded. Examines the causes of the breathtaking rise in prices and the catastrophic fall that ensued to answer the question on every homeowner's mind: "Why did house prices fall?"--Page 4 of cover
Author: Sergi Basco
Publisher: Springer
ISBN: 3030005879
Category : Business & Economics
Languages : en
Pages : 102
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Book Description
“This book provides an accessible, yet formal framework to understand how housing bubbles arise, their international dimension, their consequences, and ways to prevent them.” Òscar Jordà, University of California, Davis, USA “Basco’s analysis blends, in a very rigorous but enjoyable manner , state-of-the-art theory and historical examples, adding also a very timely and valuable set of policy orientations.” Óscar Arce, Director General, Banco de España, Madrid, Spain Booms and busts of house prices are a recurrent feature throughout history. This book provides a comprehensive overview of the origins and economic consequences of these housing bubbles. The book starts with a formal definition of asset price bubbles and a summary of the most famous episodes, before describing how economists have thought about asset price bubbles; specifically behavioral vs. rational interpretations. These theories are applied to the special case of housing and the same framework is used to explain the implications of financial globalization for capital flows and housing bubbles. After analyzing its origins, the economic consequences of housing bubbles for both households and firms are derived and documented. The final sections are devoted to discussing the effects of financial crises and explain how financial regulation could mitigate the emergence of future housing bubbles. Case studies of the recent housing bubbles in the United States and Spain are also featured in the book. This book will be of value to advanced undergraduate macroeconomic courses, as well as researchers in international economics and macroeconomics and policy makers.
Author:
Publisher: DIANE Publishing
ISBN: 1437985297
Category :
Languages : en
Pages : 64
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Book Description
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Housing and Transportation
Publisher:
ISBN:
Category : Housing
Languages : en
Pages : 64
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Book Description
