The Banks Did It
The Banks Did It

Author: Neil Fligstein

Publisher: Harvard University Press

Published: 2021-06-08

Total Pages: 334

ISBN-13: 0674249356

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A comprehensive account of the rise and fall of the mortgage-securitization industry, which explains the complex roots of the 2008 financial crisis. More than a decade after the 2008 financial crisis plunged the world economy into recession, we still lack an adequate explanation for why it happened. Existing accounts identify a number of culpritsÑfinancial instruments, traders, regulators, capital flowsÑyet fail to grasp how the various puzzle pieces came together. The key, Neil Fligstein argues, is the convergence of major US banks on an identical business model: extracting money from the securitization of mortgages. But how, and why, did this convergence come about? The Banks Did It carefully takes the reader through the development of a banking industry dependent on mortgage securitization. Fligstein documents how banks, with help from the government, created the market for mortgage securities. The largest banksÑCountrywide Financial, Bear Stearns, Citibank, and Washington MutualÑsoon came to participate in every aspect of this market. Each firm originated mortgages, issued mortgage-backed securities, sold those securities, and, in many cases, acted as their own best customers by purchasing the same securities. Entirely reliant on the throughput of mortgages, these firms were unable to alter course even when it became clear that the market had turned on them in the mid-2000s. With the structural features of the banking industry in view, the rest of the story falls into place. Fligstein explains how the crisis was produced, where it spread, why regulators missed the warning signs, and how banksÕ dependence on mortgage securitization resulted in predatory lending and securities fraud. An illuminating account of the transformation of the American financial system, The Banks Did It offers important lessons for anyone with a stake in avoiding the next crisis.

The Anatomy of the Transmission of Macroprudential Policies
The Anatomy of the Transmission of Macroprudential Policies

Author: Viral V. Acharya

Publisher: International Monetary Fund

Published: 2020-05-22

Total Pages: 57

ISBN-13: 1513545159

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We analyze how regulatory constraints on household leverage—in the form of loan-to-income and loan-to-value limits—a?ect residential mortgage credit and house prices as well as other asset classes not directly targeted by the limits. Supervisory loan level data suggest that mortgage credit is reallocated from low-to high-income borrowers and from urban to rural counties. This reallocation weakens the feedback loop between credit and house prices and slows down house price growth in “hot” housing markets. Consistent with constrained lenders adjusting their portfolio choice, more-a?ected banks drive this reallocation and substitute their risk-taking into holdings of securities and corporate credit.

Wall Street and the Financial Crisis: Anatomy of a Financial Collapse (Majority and Minority Staff Report)
Wall Street and the Financial Crisis: Anatomy of a Financial Collapse (Majority and Minority Staff Report)

Author: United States Senate

Publisher: Lulu.com

Published: 2013-06-10

Total Pages: 647

ISBN-13: 1304122212

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In the fall of 2008, America suffered a devastating economic collapse. Once valuable securities lost most or all of their value, debt markets froze, stock markets plunged, and storied financial firms went under. Millions of Americans lost their jobs; millions of families lost their homes; and good businesses shut down. These events cast the United States into an economic recession so deep that the country has yet to fully recover. This Report is the product of a two-year bipartisan investigation by the U.S. Senate Permanent Subcommittee on Investigations into the origins of the 2008 financial crisis. The goals of this investigation were to construct a public record of the facts in order to deepen the understanding of what happened; identify some of the root causes of the crisis; and provide a factual foundation for the ongoing effort to fortify the country against the recurrence of a similar crisis in the future.

Anatomy of a Financial Crisis
Anatomy of a Financial Crisis

Author: M. Jarsulic

Publisher: Springer

Published: 2010-03-29

Total Pages: 198

ISBN-13: 0230106188

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An indepth look at the origins and development of the current financial crisis, from an economist and Washington insider. Jarsulic explains how a wide array of financial institutions, including mortgage banks, commercial banks, and investment banks created a credit bubble that supported nonprime mortgage lending and helped to inflate house prices.

Getting Started as a Commercial Mortgage Broker
Getting Started as a Commercial Mortgage Broker

Author: Peter J. Gineris

Publisher: John Wiley & Sons

Published: 2008-12-16

Total Pages: 208

ISBN-13: 0470475536

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While residential real estate lending has gone soft, commercial lending is hot—with a wave of low interest rates and refinancing—and it shows no sign of slowing down. Right now, commercial mortgage brokering is one of the best ways to earn money without a ton of training. In this practical guide for first-timers, you’ll learn the basics of brokering from application to closing, as well as inside information you won’t find anywhere else. So get started!

Principles of Real Estate Practice
Principles of Real Estate Practice

Author: Stephen Mettling

Publisher: Performance Programs Company

Published: 2019-03-15

Total Pages: 485

ISBN-13: 0915777274

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Principles of Real Estate Practice by Mettling and Cusic is a modern learning tool for the student preparing to enter the real estate business as a licensed professional. The textbook contains the essentials of real estate law, principles, and practices taught in real estate schools and colleges across the country, including all those fundamentals that real estate educators, practicing professionals, national testing services, and state licensing officials agree are necessary for basic competence. Principles of Real Estate Practice covers the national requirements for the initial 30-90+ hours of classroom study, or its equivalent, mandated by state license laws across the country. Principles of Real Estate Practice is tailored to the needs of the pre-license student. The textbook is designed to-make it easy for students to learn the material -prepare students for numerous career applications -stress practical, rather than theoretical, skills and knowledge. It is more streamlined, direct and to-the-point than other books. It includes more learning reinforcements. It has a student-oriented organization, both within each chapter and from chapter to chapter. Its examples and exercises are grounded in the authors’ fifty combined years in real estate education. Table of Contents of the 6th Edition The Real Estate Business Rights in Real Estate Interests and Estates Ownership Encumbrances and Liens Transferring and Recording Title to Real Estate Real Estate Leases Land Use Planning and Control Legal Descriptions Real Estate Contract Law Agency Listing Agreements The Brokerage Business Contracts for the Sale of Real Estate Real Estate Market Economics Appraising and Estimating Market Value Real Estate Finance Real Estate Investment Real Estate Taxation Professional Practices Closings Real Estate Licensing and Regulation Risk Management Property Management Real Estate Mathematics and Formulas Glossary of Residential Style and Construction Terms Glossary of General Real Estate Terms Index Note: For some states, we have state-specific versions of Principles of Real Estate Practice. We also publish the Real Estate License Exam Prep (RELEP) Series of exam prep books.

An Introduction to Financial Markets and Institutions
An Introduction to Financial Markets and Institutions

Author: Maureen Burton

Publisher: Routledge

Published: 2015-03-04

Total Pages: 1143

ISBN-13: 1317476743

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Completely revised and updated to include the ongoing financial crisis and the Obama administration's programs to combat it, this is the best available introductory textbook for an undergraduate course on Financial Markets and Institutions. It provides balanced coverage of theories, policies, and institutions in a conversational style that avoids complex models and mathematics, making it a student-friendly text with many unique teaching features. Financial crises, global competition, deregulation, technological innovation, and growing government oversight have significantly changed financial markets and institutions. The new edition of this text is designed to capture the ongoing changes, and to present an analytical framework that enables students to understand and anticipate changes in the financial system and accompanying changes in markets and institutions. The text includes Learning Objectives and end-of-chapter Key Words and Questions, and an online Instructor's Manual is available to adopters.