Subprime Mortgages: America's Latest Boom and Bust |  | Author: Edward M. Gramlich
Publisher: Urban Institute Press
Category: Book
List Price: $26.50
Buy New: $22.55
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Seller: springchiken
Rating:  3 reviews
Sales Rank: 568369
Media: Paperback
Edition: 1st
Pages: 120
Number Of Items: 1
Shipping Weight (lbs): 0.4
Dimensions (in): 8.8 x 5.9 x 0.3
ISBN: 087766739X
Dewey Decimal Number: 332.722
EAN: 9780877667391
ASIN: 087766739X
Publication Date: June 28, 2007
Availability: Usually ships in 1-2 business days
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Product Description
Over the past decade, a new mortgage market offering loans at low interest rates and for little or no money down has given low-income people an opportunity to pursue the American dream of homeownership. The resulting wave in home buying promised to stabilize neighborhoods and families, boost the economy, and reduce crime. In many ways, the optimists were correct, but now, less than fifteen years later, the subprime mortgage market is collapsing, threatening to take the rest of the housing sector along with it.
Subprime Mortgages: America's Latest Boom and Bust analyzes how the subprime market emerged, why it is in crisis, and how we can reform public policy to avert disaster. An attendant examination of the rental market also offers recommendations for shoring up what may be the best housing option for some families.
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| Customer Reviews:
Balanced Review June 18, 2008
Loyd E. Eskildson (Phoenix, AZ.)
12 out of 13 found this review helpful
"Subprime Mortgages" is a short, balanced, academic review of a major current topic. Gramlich points out that subprime mortgages have increased home ownership from about 64% to 69%, particularly benefiting minorities and those with lower incomes. They have also led to improved loan application processing.
The bad side includes bringing potential abuses from new, largely unregulated mortgage sources, a 10X increase in default rates (some believe their default rate will reach 20X that of "regular" mortgages), and enormous losses in financial markets around the world. (Gramlich failed to mention the likely damage to American financial market credibility.)
Gramlich also points out that 45% of low-income home owners and 57% of renters are now spending over half their disposable income on housing - a too great load by most standards.
If only Greenspan had listened February 13, 2010
William J. Darusmont (San Francisco, CA)
1 out of 1 found this review helpful
I met Ed Gramlich when he was a Fed Governor and was giving a speech at a conference in London. I was impressed by his warmth and candor in a chance meeting before he spoke.
He was very concerned then about mortgages and derivatives and tried to convince Greenspan about monitoring and auditing mortgage companies...sadly it fell on deaf ears. He later resigned from the Fed due to his being diagnosed with cancer and devoted the final months of his life to this book in hopes of stopping what turned into the greatest financial debacle of our time and possibly ever due to the global economy.
It is written honestly and as a thesis, not as propaganda...something that is rare in today's world.
Concise and To the Point June 22, 2010
Mark A. Glenn (Detroit, MI)
I enjoyed reading the late Prof. Gramlich's last book. Prof. Gramlich brings an insightful overview of the subprime market by actually defining it and separating the abuses that occur in an unregulated area involving the subprime mortgage banking area from the purposes of subprime mortages.
It is a must read for those that want a strong foundational understanding of subprime mortgages, and to apply that knowledge gain from Prof. Gramlich's book, to what happened with real estate CDOs and their impact on the current financial crisis with Wall Street and the large commercial banks in this country.
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