The great American housing bubble : (Record no. 344794)

MARC details
000 -LEADER
fixed length control field 02377cam a22002178i 4500
003 - CONTROL NUMBER IDENTIFIER
control field 0
005 - DATE AND TIME OF LATEST TRANSACTION
control field 20210708120618.0
020 ## - INTERNATIONAL STANDARD BOOK NUMBER
International Standard Book Number 9780674979659
082 00 - DEWEY DECIMAL CLASSIFICATION NUMBER
Classification number 332.720973090511
Item number LEV
100 1# - MAIN ENTRY--PERSONAL NAME
Personal name Levitin, Adam Jeremiah,
245 14 - TITLE STATEMENT
Title The great American housing bubble :
Remainder of title what went wrong and how we can protect ourselves in the future
Statement of responsibility, etc. Adam J. Levitin, Susan M. Wachter.
260 ## - PUBLICATION, DISTRIBUTION, ETC.
Place of publication, distribution, etc. Cambridge
Name of publisher, distributor, etc. Harvard University Press
Date of publication, distribution, etc. 2020
300 ## - PHYSICAL DESCRIPTION
Extent 380
504 ## - BIBLIOGRAPHY, ETC. NOTE
Bibliography, etc. note Includes bibliographical references and index.
520 ## - SUMMARY, ETC.
Summary, etc. "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"--
650 #0 - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element Mortgage loans
650 #0 - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element Housing
650 #0 - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element Global Financial Crisis, 2008-2009.
700 1# - ADDED ENTRY--PERSONAL NAME
Personal name Wachter, Susan M
Relator term author
942 ## - ADDED ENTRY ELEMENTS (KOHA)
Koha item type Books
Holdings
Withdrawn status Lost status Damaged status Not for loan Home library Current library Date acquired Total checkouts Full call number Barcode Date last seen Price effective from Koha item type
  Not Missing Not Damaged   Gandhi Smriti Library Gandhi Smriti Library 2021-07-08   332.720973090511 LEV 162486 2021-07-08 2021-07-08 Books

Powered by Koha