Report to Congress on the Root Causes of the Foreclosure Crisis


Book Description

Analyzes data and trends in the residential housing market and reviews the academic lit. and industry press on the root causes of the current foreclosure crisis (FC). Provides a review of policy responses and recommended actions to mitigate the FC and help prevent similar crises from occurring in the future. Contents: (1) Trends in Delinquencies and Foreclosures: Regional Trends in Foreclosures; (2) Lit. Review: General Lit. on Causes of Foreclosures and Delinquencies; Lit. Assessing Causes of the Current FC; Factors Enabling Expanded Risky Lending; (3) Policy Responses to the FC: Efforts To Address Rising Foreclosures; Efforts To Reduce the Risk of High Rates of Mortgage Foreclosures in the Future; Mortgage Market Reform. Illus.




The Financial Crisis Inquiry Report, Authorized Edition


Book Description

Examines the causes of the financial crisis that began in 2008 and reveals the weaknesses found in financial regulation, excessive borrowing, and breaches in accountability.










Hidden in Plain Sight


Book Description

The 2008 financial crisis—like the Great Depression—was a world-historical event. What caused it will be debated for years, if not generations. The conventional narrative is that the financial crisis was caused by Wall Street greed and insufficient regulation of the financial system. That narrative produced the Dodd-Frank Act, the most comprehensive financial-system regulation since the New Deal. There is evidence, however, that the Dodd-Frank Act has slowed the recovery from the recession. If insufficient regulation caused the financial crisis, then the Dodd-Frank Act will never be modified or repealed; proponents will argue that doing so will cause another crisis. A competing narrative about what caused the financial crisis has received little attention. This view, which is accepted by almost all Republicans in Congress and most conservatives, contends that the crisis was caused by government housing policies. This book extensively documents this view. For example, it shows that in June 2008, before the crisis, 58 percent of all US mortgages were subprime or other low-quality mortgages. Of these, 76 percent were on the books of government agencies such as Fannie Mae and Freddie Mac. When these mortgages defaulted in 2007 and 2008, they drove down housing prices and weakened banks and other mortgage holders, causing the crisis. After this book is published, no one will be able to claim that the financial crisis was caused by insufficient regulation, or defend Dodd-Frank, without coming to terms with the data this book contains.




Preventing the Next Mortgage Crisis


Book Description

The great U.S. mortgage crisis was a transformative event that will reverberate for decades across families, neighborhoods, and cities. After years of research on various aspects of the crisis, Dan Immergluck examines what went wrong, identifying the factors that created the fragile housing finance system, which provided fertile ground for calamity. He also examines the federal response to the crisis, including who benefitted most from the response, and how a more effective and fair response could have been formulated. To reduce the incidence of future crises, Immergluck provides a pathway for building a more stable and fair housing finance system that would be less vulnerable to the booms and busts of global finance. Housing finance helps determine access to stable, decent-quality, affordable housing and also affects the geography of housing and educational opportunities. Thus, housing markets shape our communities, our neighborhoods, and our social and economic opportunities. Immergluck’s analysis and formulation of a way forward will be of particular interest to those concerned with urban form, neighborhood change and stability, and urban planning and policy, as well as those interested in housing and mortgage markets more generally.




When Bad Things Happen to Privileged People


Book Description

A deep and thought-provoking examination of crisis politics and their implications for power and marginalization in the United States. From the climate crisis to the opioid crisis to the Coronavirus crisis, the language of crisis is everywhere around us and ubiquitous in contemporary American politics and policymaking. But for every problem that political actors describe as a crisis, there are myriad other equally serious ones that are not described in this way. Why has the term crisis been associated with some problems but not others? What has crisis come to mean, and what work does it do? In When Bad Things Happen to Privileged People, Dara Z. Strolovitch brings a critical eye to the taken-for-granted political vernacular of crisis. Using systematic analyses to trace the evolution of the use of the term crisis by both political elites and outsiders, Strolovitch unpacks the idea of “crisis” in contemporary politics and demonstrates that crisis is itself an operation of politics. She shows that racial justice activists innovated the language of crisis in an effort to transform racism from something understood as natural and intractable and to cast it instead as a policy problem that could be remedied. Dominant political actors later seized on the language of crisis to compel the use of state power, but often in ways that compounded rather than alleviated inequality and injustice. In this eye-opening and important book, Strolovitch demonstrates that understanding crisis politics is key to understanding the politics of racial, gender, and class inequalities in the early twenty-first century.




Housing Transitions Through the Life Course


Book Description

Lifetime attitudes to housing have changed, with new population dynamics driving the market and a greater emphasis on consumption. This important contribution to the literature argues that how we think about households and their housing needs to be recast to acknowledge this changed environment and provide a more powerful conceptual framework.







Retirement on the Rocks


Book Description

In the US, retirement savings are low while risk exposure is high, thus dooming many retirees to a low standard of living. This book offers straightforward solutions to build real retirement security for American families.