Hidden in plain sight : what really caused the world's worst financial crisis and why it could happen again / Peter J. Wallison.
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|Location||Call Number / Copy Notes||Barcode||Shelving Location||Status||Due Date|
|Shelby Co PL - Morristown Branch||332.7 WAL (Text)||78731000493421||Nonfiction||Available||-|
- ISBN: 9781594038655
- Physical Description: xviii, 411 pages : illustrations ; 24 cm
- Edition: First paperback edition.
- Publisher: New York : Encounter Books, ©2016, ©2015.
|Bibliography, etc. Note:|| Includes bibliographical references (pages 363-392) and index.
|Formatted Contents Note:|| Preface to the paperback edition --Introduction -- The difference between prime and nontraditional mortgages (NTMS) -- Red herrings : other explanations for the crisis -- The housing finance market before the affordable housing goals -- Government housing policies kick in -- The affordable housing goals and the decline in underwriting standards -- Force fed : the affordable housing goals, the gses, and the NTMS -- Going viral : competition spreads the gses' reduced underwriting standards to the wider market -- The great housing bubble -- Ignorance and bliss : what was known about the NTM market before the crisis -- How 32 million NTMS precipitated a financial crisis -- Fair value accounting and collateral damage -- Bad to worse : the government response -- Conclusion.
|Summary, etc.:|| "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, 56 percent of all US mortgages were subprime or otherwise low-quality. 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." From cover, page 2.
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